Mike Ashley in clear after Sports Direct fraud probe March 9, 2011 SPORTS Direct yesterday said none of its employees were now under investigation by the Serious Fraud Office as it also gave details of a £220m refinancing package. In March 2010 the Competition Commission formally cleared Sports Direct’s acquisition of 31 stores from struggling rival JJB Sports and in October 2010 the Serious Fraud Office (SFO) [...]
Tchenguiz brothers arrested in bank collapse probe March 9, 2011 Tycoons Vincent and Robert Tchenguiz are among nine people arrested in police raids connected with a probe into the collapse of Iceland’s Kaupthing bank. Britain’s Serious Fraud Office (SFO) said it coordinated the raids that took place at 12 addresses in London and Reykjavik and involved 135 police officers and SFO investigators. Seven men aged [...]
Sports Direct in clear after fraud probe March 9, 2011 Sports Direct, Britain’s biggest sporting goods retailer, said none of its employees were under investigation by the Serious Fraud Office as it detailed a £220m refinancing. “We can confirm that no individuals connected to Sports Direct International are under investigation,” the firm, controlled by Newcastle United soccer club owner Mike Ashley, said on Wednesday. In [...]
Clarity on plea bargaining is needed February 8, 2011 WHATEVER the final shape of the Bribery Act, which was once again delayed last week, one area that needs to be clarified is the question of plea bargaining. A number of cases have sown confusion in the minds of British businesses. Clarity on plea bargaining is now sorely needed. The confusion dates to July 2009 [...]
What the other papers say this morning January 30, 2011 FINANCIAL TIMES BANKS WATCH BARCLAYS’ COCO PLANS Big banks on both sides of the Atlantic are weighing whether to follow Barclays as it pushes ahead with a plan to pay bonuses with innovative bonds, dubbed cocos. According to several banks present at last week’s World Economic Forum in Davos, the idea of using contingent convertible [...]
BAE fined over Tanzania deal December 21, 2010 ARMS group BAE Systems yesterday received a £725,000 penalty after a probe into allegations about an arms sale to Tanzania, but a judge criticised a deal it struck with the Serious Fraud Office (SFO) to end the investigation. A London court handed down the sentence, including a £500,000 fine plus costs of £225,000, to BAE for [...]
Judge casts doubt on BAE’s deal with SFO December 20, 2010 A DEAL between arms group BAE Systems and the Serious Fraud Office to settle a long-running investigation into allegations linked to an arms sale to Tanzania looked in doubt yesterday after a judge challenged it. BAE and the SFO had agreed under the terms of the deal that BAE would not have to admit to allegations that [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 5, 2010 FINANCIAL TIMES IRISH BANKS FACE LOANS SELL OFF Ireland will have to accelerate the shrinking of its troubled banks’ balance sheets in return for gaining continued access to emergency European funding. According to people briefed on the details of Ireland’s €85bn (£72bn) bail-out by the European Union and the International Monetary Fund, the banks will [...]
Prince Andrew lashes out at Saudi arms probe November 29, 2010 PRINCE Andrew described an investigation by the Serious Fraud Office (SFO) into the massive Al Yamama arms deal with Saudi Arabia as “idiocy”, according to Washington’s ambassador to Kyrgyztan that has emerged as part of the Wikileaks revelations. Andrew, who travels as a special UK trade representative, made his comments during what was described by [...]
SFO chief in vow to chase Russian fraud November 16, 2010 RICHARD Alderman, director of the UK Serious Fraud Office (SFO), has told the Anglo-Russian business community that his organisation will actively seek to exercise new powers worldwide in the global fight against corruption. Referring to new powers available to the SFO following the implementation of the Bribery Act in April 2011, Alderman told an event [...]