BAE prepared for fine October 4, 2009 DEFENCE giant BAE Systems is prepared to pay a record breaking fine over bribery allegations, sources close to the situation said yesterday, if “compelling evidence” indicates the charges against it are true. The Serious Fraud Office (SFO) said last week it wanted to prosecute Europe’s biggest defence contractor over allegations the firm used bribery and [...]
BAE VOWS TO FIGHT CRIMINAL CHARGES October 1, 2009 BAE SYSTEMS is facing corruption charges after the Serious Fraud Office (SFO) asked attorney general Baroness Scotland to prosecute the defence giant. BAE has been locked in talks with the SFO over bribery allegations, but has failed to agree on what charges it will admit to, or how much it will pay in fines. The [...]
Serious Fraud Office prepares to act on BAE Systems bribery allegations September 30, 2009 THE SERIOUS Fraud Office (SFO) is poised to bring criminal charges against BAE Systems as soon as today if the defence giant fails to accept a plea deal that would leave it with a conviction and a large fine. The SFO will call on attorney general Baroness Scotland to launch a criminal prosecution against the [...]
BAE plays down reports of 1bn fine over ongoing bribe charges September 27, 2009 BAE SYSTEMS yesterday played down reports that the Serious Fraud Office (SFO) had discussed fines of up to £1bn over an ongoing bribery charge. “BAE Systems’ view is that the interests of the company as well as all of its stakeholders, including the general public, are best served by allowing the ongoing investigations to run [...]
JD Sports on the up while JJB struggles September 20, 2009 RIVAL sportswear retailers JD Sports and JJB Sports are due to report half-year figures this week amid mounting controversy in the sportswear sector.JD Sports has been relatively resilient throughout the downturn, reporting sales lifts and profiting from the ailing fortunes of its rivals. Selling mainly sportswear fashion, rather than sports equipment, it has been cushioned [...]
JJB Sports investigation takes flight to Reykjavik September 13, 2009 THE Serious Fraud Office (SFO) has jetted to Iceland to investigate what is believed to be crucial evidence into an alleged fraud perpetrated by sportswear retailers JJB Sports and Sports Direct. The Icelandic visit is said to be of mutual interest to the SFO and the Icelandic government, which is trying to unearth financial crimes [...]
Authorities start sport retail probe September 10, 2009 SPORT retailers JJB Sports and Sports Direct are at the centre of a double-pronged probe into allegations of anti-competitive behaviour that could see the companies and their directors landed with heavy fines and even jail time. Separate investigations are being conducted by the Serious Fraud Office (SFO) and the Office of Fair Trading (OFT), which [...]
BAE given just weeks to file a guilty plea September 6, 2009 DEFENCE giant BAE Systems has until the end of the month to plead guilty to international bribery allegations or face a lengthy and damaging criminal trial, industry sources have said. It is understood that the allegations, part of a six-year Serious Fraud Office (SFO) investigation, involve contracts worth over £2.5bn for the sale of equipment [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 31, 2009 FINANCIAL TIMES BUY-OUT GROUPS FACE OPPOSITION TO ANNEX FUNDSPrivate equity groups are facing mounting opposition from investors over their attempts to raise annex funds, which buy-out firms hope will provide fresh cash to bail out many of the companies they bought during the debt bubble. Apollo Management had been forced to drop plans to raise [...]
Boardroom ban risk for Phoenix 4 August 11, 2009 THE Phoenix Four, the consortium which controlled carmaker MG Rover when it dramatically collapsed in 2005, could be banned from company boardrooms for life. Business secretary Lord Mandelson has asked lawyers to put together the evidence needed to ban John Towers, Nick Stephenson, Peter Beale and John Edwards from serving as company directors in the [...]