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 [...]
SFO to rule on Rover enquiry August 10, 2009 The Serious Fraud Office (SFO) will end four-years of speculation today, when it announces its decision on whether or not to begin a criminal enquiry in connection with the collapse of MG Rover, in which around 5,000 people lost their jobs. Should the SFO decide not to go ahead with an investigation, it or business [...]
SFO to reveal stance on Rover August 9, 2009 The Serious Fraud Office (SFO) is set to reveal whether or not it is to begin a criminal investigation into the collapse of carmaker MG Rover. Business department inspectors have been looking into the deal for four years. The decision is set to attract controversy. The carmaker collapsed into administration in 2005, costing 6,000 jobs.
WHAT THE OTHER PAPERS SAY THIS MORNING August 5, 2009 FINANCIAL TIMES FERREXPO SEES IRON MARKET SHIFTFerrexpo signalled that iron ore demand was shifting back to Europe after being heavily reliant on China, as the Ukranian miner unveiled an 81 per cent drop in first-half profits. Ferrexpo reacted to the collapse in demand from steelmakers in Austria by selling iron ore pellets to China, incurring [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 4, 2009 FINANCIAL TIMES BMW EYES TIE-UP WITH PEUGEOT FOR MINIBMW is examining whether to share platforms with PSA Peugeot Citroën for its Mini small car, it emerged yesterday, as the German premium carmaker returned to profit in the second quarter on the back of cost-cutting. Norbert Reithofer, BMW’s chief executive, said the company was talking to [...]
MG Rover quartet slam call for probe July 6, 2009 A QUARTET of executives accused of asset-stripping in relation to their purchase of collapsed carmaker MG Rover yesterday described moves towards a probe by the Serious Fraud Office (SFO) as “mystifying”. Business secretary Lord Mandelson has asked the SFO to decide whether a criminal investigation should be launched into the 2005 collapse of MG Rover, [...]
UK authorities freeze Stanford assets June 30, 2009 THE UK prosecuting authorities yesterday froze $100m (£60.2m) linked to the alleged financial fraudster Allen Stanford within five hours of a request from the US Department of Justice, officials stated yesterday. Stanford spent Monday night in a Texas jail after prosecutors told a federal judge he would likely flee the country rather than face life [...]
Hopes dim for Weavering investors’ cash May 31, 2009 LIQUIDATORS of Weavering Capital’s main hedge fund, at the centre of the UK’s first ever hedge fund fraud probe, have said there is likely to be no money available to return to investors. Experts at accountancy giant PricewaterhouseCoopers (PwC) believe it now looks certain a massive fraud has taken place and the only way investors [...]
SFO appeals Saudi case July 8, 2008 The Serious Fraud Office (SFO) yesterday told the House of Lords it did not act unlawfully when it ended its investigation into a £43bn Saudi arms deal. The case against the SFO is being brought by the pressure groups the Campaign Against Arms Trade and the Corner House who say the case should be reopened. [...]