WHAT THE OTHER PAPERS SAY THIS MORNING May 23, 2011 FINANCIAL TIMES UK BUILDERS SEE VALUE OF ORDERS COLLAPSE The value of work awarded to UK construction companies crashed during the past year, raising concerns that the impact of government spending cuts will be far worse than previously feared. The total value of new work awarded to the UK’s 50 leading construction companies fell by [...]
Robert Tchenguiz challenges SFO May 17, 2011 Entrepreneur Robert Tchenguiz yesterday challenged the Serious Fraud Office over his arrest earlier this year. He filed a judicial review at the High Court, branding his arrest “unlawful, aggressive and disproportionate”. Robert and his brother Vincent were arrested in searches related to the SFO’s investigation into the collapse of Icelandic bank Kaupthing.
WHAT THE OTHER PAPERS SAY THIS MORNING May 15, 2011 FINANCIAL TIMES US TREASURY URGES DEBT ACTION Senior Treasury department officials have issued their starkest warnings yet that if Congress does not quickly raise the US debt limit to avoid a default, investors will punish the country and further damage its fiscal position. Neal Wolin, deputy Treasury secretary said: “In the current context of the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 10, 2011 FINANCIAL TIMES PACE OF UK GROWTH UNDER THREAT Britain’s economy is unlikely to grow as fast as before the financial crisis because its most productive sectors have been hardest hit, jeopardising government plans to cut the deficit. A Financial Times analysis of the sectorial performance of the economy before and after the crash highlights how [...]
Torex chair charged over collapse May 9, 2011 The Serious Fraud Office yesterday charged the former chairman of Torex Retail with offences in connection with the firm’s collapse. Christopher Edward Moore has been charged with conspiracy to defraud and false accounting, linked to events between May 2006 and January 2007, when Torex shares were suspended amid an investigation by the SFO. The firm [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 5, 2011 FINANCIAL TIMES JAGUAR TO INVEST £5BN Jaguar Land Rover is investing £5bn over the next five years to catch up on quality with BMW, Mercedes-Benz and Audi – the three German companies that dominate the luxury end of the automotive business globally. The money will be spent mainly on product development and new equipment at [...]
Keydata escapes criminal charges May 3, 2011 Criminal charges will not be brought against anyone involved in the collapse of Keydata, the financial services firm that collapsed earlier this year, according to the Serious Fraud Office. The SFO said there was “insufficient evidence” for a prosecution. An ongoing Financial Services Authority (FSA) probe into the firm’s failure could however land executives with [...]
Fraud panel criticises SFO plans April 25, 2011 The Fraud Advisory Panel has slammed the break-up of the Serious Fraud Office (SFO). In a Treasury consultation submission it said the planned changes “would be a wholly unwise and dangerous move in our view that would benefit only the criminal and be an enormously retrograde step in the fight against financial crime.” Under government [...]
Bribery Act to hit Olympics March 30, 2011 THE BRIBERY Act could hit corporate hospitality bookings at the London 2012 Olympic games, despite assurances that it is not intended to target “genuine” hospitality. In the long-awaited guidance to the Act, released yesterday after a delay of more than two months, the Ministry of Justice sought to reassure companies that “bona fide hospitality…is recognised [...]
Kaupthing search widens March 29, 2011 POLICE working on the investigation into Iceland’s failed Kaupthing Bank raided five addresses yesterday, including the bank owned by the family of former Tory Party treasurer David Rowland. In a joint operation between the UK’s Serious Fraud Office (SFO), the Icelandic Special Prosecutor’s Office and Luxembourg police, more than 70 investigators searched three businesses and [...]