BAE deal with SFO on hold March 2, 2010 BAE Systems may yet face trial over alledged allegations of bribery and corruption following yeterday’s decision by the High Court to grant an injunction against the Serious Fraud Office (SFO). The injunction prevents the SFO from concluding its investigation into BAE Systems, Europe’s largest defence company. Last month, the firm agreed to pay fines of [...]
SFO to launch probe into Aero February 22, 2010 The Serious Fraud Office will announce today that it will launch a probe into Aero Inventory. The firm went bust in November after accounting problems related to its share price were discovered.
CITY MOVES | WHO’S SWITCHING JOBS February 11, 2010 HSBC The bank has appointed Chris Barrow as global head of sales for its recently-launched HSBC Prime Services business, targeted at hedge funds and institutional fund managers across Europe and Asia. Barrow joins from Nomura, where he was international head of sales for prime services, and has also worked as head of sales and marketing [...]
Goldsmith defends global settlement in BAE inquiry February 7, 2010 FORMER attorney general Lord Goldsmith this weekend defended the plea deal struck by arms manufacturer BAE Systems to settle inquiries into its dealings by the UK and US authorities. On Friday BAE announced it would admit to two charges and pay fines of $447m (£286m) following probes by the Department of Justice and Serious Fraud [...]
Uncertainty remains despite plea-bargain February 7, 2010 ANTI-weapons campaigners might be up in arms, but BAE investors should be relieved by the $450m (£288m) plea-bargain it has agreed with US and British authorities. Observers had thought the cost of settling the case would be much higher. When the SFO said it would pursue criminal charges back in October, the firm’s stock shed [...]
BAE Systems fined £280m over corruption charges February 5, 2010 BAE Systems is to pay a fine of $400m (£250m) after pleading guilty to a charge of conspiring to make false statements to the US government. The UK’s largest defence group has also reached agreement with the UK Serious Fraud Office (SFO) to plead guilty to breach of duty to keep accounting records. That case [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 4, 2010 FINANCIAL TIMES UNION “NOT MILES APART” FROM BA The broad outlines of a settlement in the dispute between British Airways and its cabin crew are emerging in informal talks between the two sides, the Unite union said yesterday. “We’re not miles apart,” said Steve Turner, national officer for aviation at Unite, which represents BA’s 12,000-plus [...]
Serious Fraud Office not chasing UK Madoff office February 2, 2010 THE Serious Fraud Office (SFO) yesterday confirmed it will not pursue charges against the UK arm of Bernard Madoff’s investment firm as it seeks to broaden its investigation. “Following a thorough review of all the available evidence (the SFO) has decided to take no action against either the company or its directors, there being insufficient [...]
Madoff’s London unit escapes fraud charges February 2, 2010 THE Serious Fraud Office (SFO) has said it will not take any action against Madoff Securities International – a London arm of frausdster Berine Madoff’s business empire. Directors of the Mayfair-based business have also escaped charges as prosecutors had “insufficient evidence”. The SFO said in a statement there isn’t enough evidence to “provide a realistic [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 26, 2010 FINANCIAL TIMES ATHENS INVITES BEIJING TO BUY BONDS Greece is wooing China to buy up to €25bn of government bonds, a move that underlines Beijing’s growing financial power, as Athens struggles to fund soaring public debt. Goldman Sachs, the US investment bank, has been promoting a Greek bond sale to Beijing and the State Administration [...]