Glencore shareholders set for payday as profits jump to $18.9bn August 4, 2022 Mining and commodities giant Glencore announced it would put $4.5bn back in shareholders pockets today after it reported record half-yearly profits of $18.9bn on the back of soaring metal prices and market volatility.
Staff cuts in crime agencies would ‘completely undermine’ UK’s fight against oligarchs, campaigners warn July 26, 2022 Campaigners have called on the UK government to rule out plans to slash headcounts in the enforcement agencies tasked with fighting economic crime, after warning any cuts would “completely undermine” Britain’s bid to crack down on the kleptocrats, criminals, and oligarchs that seek to launder dirty money in the UK. UK government plans to cut [...]
Sigh of relief at ammunition giant Chemring as SFO closes four-year probe without prosecution July 1, 2022 A four-year probe into alleged bribery, corruption and money laundering at grenade and ammunition manufacturer Chemring and one of its subsidiaries by the Serious Fraud Office has been closed without prosecution. The Serious Fraud Office (SFO) opened its investigation into the activities of Chemring, its subsidiary Chemring Technology Solutions and associated persons in 2018 after [...]
UK government is failing to match words with action in stamping out dirty money, MPs say June 30, 2022 The UK government is failing to match its rhetoric with real efforts to crack down on dirty money, MPs have warned. The government is continuing to let the UK become a “safe deposit box” for morally bankrupt billionaires, despite its rhetoric around “clamping down” on Russian money, the Foreign Affairs Committee said. The committee said [...]
Petrofac pushes for post-pandemic rebound as Covid-19 bites into profits June 28, 2022 Energy giant Petrofac is targeting a strong order intake in the second half of the year, as it grapples with lingering impact of the pandemic.
Grant Thornton settles £200m lawsuit with Patisserie Valerie’s administrators June 27, 2022 Grant Thornton has settled a £200m lawsuit with Patisserie Valerie’s bankruptcy administrators over its role in the café chain’s collapse. The London headquartered accountancy giant has reached agreement to settle its case with Patisserie Valerie’s administrators out of court, according to the Sunday Telegraph who broke the news. In a statement sent to City A.M., [...]
Glencore pleads guilty to seven counts of bribery June 21, 2022 Glencore Energy today pleaded guilty on seven charges of bribery and failing to prevent bribery in relation to a series of African oil deals. The Anglo-Swiss firm pleaded guilty on all seven counts put forward to it at Southwark Crown Court, after charges were brought against the company by the UK’s Serious Fraud Office (SFO). [...]
Thousands of jobs at risk after Sanjeev Gupta’s GFG Alliance loses bid to throw winding up order out of court June 9, 2022 Three of the firms that make up Sanjeev Gupta’s steel empire could be plunged into administration imminently, after a court rejected GFG Alliance’s bid to have a winding up order thrown out of court. The court ruled that the metals group’s financial difficulties were not due to Covid-19, as it rejected GFG Alliance’s claims the [...]
Binance hits back at claims it’s a ‘hub for hackers, fraudsters and drug traffickers’ June 6, 2022 Binance, the world’s largest cryptocurrency exchange, has brushed aside claims it is a “hub for hackers, fraudsters and drug traffickers,” after a Reuters investigation accused the Cayman Islands registered firm of serving as a “conduit for the laundering of at least $2.35bn in illicit funds”. In a blog post responding to Reuters’ article, the coin [...]
Glencore pays $1bn settlement to US authorities after admitting bribery in UK court May 24, 2022 Commodity trader Glencore has agreed to pay more than $1bn to US and Brazilian authorities to settle corruption investigations, after indicating it will plea guilty to bribery charges in the UK. Glencore said it will pay a combined sum of $1.06bn to the US Department of Justice (DoJ) and Commodity Futures Trading Commission (CFTC), and [...]