SFO asked to probe News International July 17, 2011 THE scandal threatening to topple Rupert Murdoch’s empire continued to gather pace yesterday, after the Serious Fraud Office (SFO) was asked to investigate News International. The SFO became involved after Labour MP Tom Watson wrote to the body asking it to investigate settlements made in the wake of the phone hacking scandal. Watson branded payments [...]
Fraud office to look into ETFs July 6, 2011 THE Serious Fraud Office (SFO) has launched a probe into the burgeoning market for Exchange Traded Funds (ETFs) to establish whether it has the tools to prosecute wrongdoing in the industry. The agency, which prosecutes white collar crime, is examining the risks posed by the products and to what extent they could be open to [...]
As the Bribery Act takes effect, almost half of UK plc is unaware June 30, 2011 NEARLY half of UK businesses are still not aware of the UK’s new anti-corruption legislation, despite the Bribery Act finally coming into force this morning. A survey of 400 businesses across the country found that 46 per cent have no knowledge of the Act at all, according to business insurer QBE. Most worryingly, four in [...]
Private equity could fall foul of Bribery Act June 23, 2011 PRIVATE equity firms in the UK could be held liable for bribes paid by officials at companies they own, the Serious Fraud Office has said, following uncertainty in the sector as to what it would mean for business. SFO director Richard Alderman warned private equity clients of the law firm Debevoise & Plimpton LLP in [...]
SFO fosters City ties with latest hire June 12, 2011 INVESTMENT fund chairman Simon Duckworth has joined the Serious Fraud Office (SFO) as a non-executive director, in the latest move by the regulator to strengthen ties with the City. Duckworth, who chairs Barings Targeted Return Fund and holds non-executive positions at Fidelity European Values and Aim-listed IT security firm Accumuli, will join the SFO on [...]
SFO break up delayed as crime agency launches June 8, 2011 THE UK’s Serious Fraud Office (SFO) was yesterday granted a temporary reprieve from plans to absorb it into a new national crime agency, after the home secretary Theresa May confirmed that a decision on its break up would be delayed. Speaking as she unveiled more detailed plans for a new agency to tackle organised and [...]
Vincent Tchenguiz interview: the Mayfair tycoon fighting to clear his name June 3, 2011 An afternoon with Vincent Tchenguiz, the property tycoon fighting to clear his name of fraud allegations linked to the collapse of Icelandic bank Kaupthing, makes you realise why cases like this take a team of accountants years to unravel. For nearly 90 minutes, I’m bombarded with figures and facts, allegations and claims. At one point [...]
Tchenguiz spends £2m a month on legal bills June 2, 2011 VINCENT Tchenguiz, the property tycoon arrested as part of a Serious Fraud Office (SFO) investigation into the collapse of Icelandic bank Kaupthing, says his legal fees are now costing him £2m a month. Tchenguiz is fighting three lawsuits: the criminal case being built against him, for which he has not been charged; and two parallel [...]
Serious Fraud Office to probe EADS bribery claim May 31, 2011 BRITAIN’S Serious Fraud Office is investigating allegations that European defence group EADS bribed Saudi Arabian officials to win a $3.3bn (£2bn) communications contract. The probe centres on a contract awarded to GPT Special Project Management, owned by EADS, to provide communications and intranet services for the Saudi National Guard, which protects the Kingdom’s royal family. [...]
Fraud watchdogs probe EADS over Saudi defence deal May 31, 2011 Britain’s Serious Fraud Office is investigating allegations that European defence group EADS bribed Saudi Arabian officials to win a $3.3bn (£1.9bn) communications contract. The probe centres on a contract awarded to GPT Special Project Management, owned by EADS, to provide communications and intranet services for the Saudi National Guard, which protects the Kingdom’s royal family. [...]