Malaysian PM says payments in high-value deals not bribes following Air Asia allegations February 6, 2020 The Prime Minister of Malaysia Mahathir Mohamad said today that payments to offset high-value orders could not be considered bribes. Mahathir was responding to questions from reporters on a controversial sponsorship deal the owners of Air Asia struck with plane maker Airbus. The UK’s Serious Fraud Office (SFO) said last week as it concluded a [...]
Air Asia chief executive Tony Fernandes denies $50m bribery claims February 4, 2020 The chief executive of Malaysian airline Air Asia Tony Fernandes today denied allegations he was paid a $50m (£38m) bribe via his Formula 1 team by aircraft giant Airbus. Prosecutors alleged Airbus paid a bribe of $50m through sponsorship of the now-defunct Caterham F1 team which was owned by Fernandes to win orders from Air [...]
Airbus agrees to pay record €991m UK fine in €3.6bn global bribery settlement January 31, 2020 A London court today approved a record €991m (£833m) fine for Airbus in exchange for suspending the prosecution of alleged bribery. The deferred prosecution agreement (DPA) was part of a €3.6bn global deal agreed with prosecutors in the UK, US and France. Airbus has agreed to pay France €2.08bn and the US €525m to bring [...]
Airbus set to agree £3bn fine tomorrow to settle corruption probe January 30, 2020 European plane maker Airbus’s £3bn plea deal with prosecutors is expected to be approved in court tomorrow, settling a long running corruption probe. The deferred prosecution agreement (DPA) between the Serious Fraud Office (SFO) and Airbus has been agreed in principle and is set to be approved by the President of the Queen’s Bench Division [...]
Oligarch’s daughter found guilty of failing to hand over documents in corruption case January 30, 2020 Anna Machkevitch, the daughter of a billionaire oligarch, was today found guilty of failing to hand over documents to the Serious Fraud Office (SFO) in connection with a massive corruption investigation. She was found guilty of failing to supply documents required by the SFO under Section 2 of the Criminal Justice Act. She was ordered [...]
Airbus settles bribery allegations for €3.6bn January 28, 2020 Airbus has agreed a settlement with French, British and US authorities for €3.6bn (£3bn) following investigations into allegations of bribery and corruption. The Serious Fraud Office (SFO) confirmed that a Deferred Prosecution Agreement (DPA) had been reached “in principle” between itself and the company. Airbus said: Airbus confirms that it has reached agreement in principle with [...]
‘Pack of cards would have started to tumble’ if Barclays failed to secure Qatar cash, court hears January 28, 2020 Barclays would have been left in a dire position if it had failed to get Qatar to commit to two multi-billion pound financial crisis fundraisings, the Old Bailey heard today. A barrister for the Serious Fraud Office (SFO) today began the closing argument for the prosecution in the landmark trial of three senior former Barclays [...]
Financial services lifeboat says only a handful of London Capital & Finance investors eligible for compensation January 9, 2020 The Financial Services Compensation Scheme (FSCS) today announced the “disappointing” news that only a small number of investors in collapsed mini-bond company London Capital & Finance (LCF) are eligible for compensation. It said it would protect the 159 bondholders who switched from stocks and shares ISAs to LCF bonds. The FSCS said it is unable [...]
Petrofac shares drop as order book shrinks December 17, 2019 Petrofac shares fell over six and a half per cent today after the oilfield services company’s order book continued to shrink. New orders to date for the firm total $3bn (£2.3bn), down from nearly $5bn at the same time last year. Read more: Petrofac warns revenues will shrink after SFO prove hinders new work The [...]
Former Serco directors charged with defrauding Ministry of Justice over tagging contract December 16, 2019 The Serious Fraud Office (SFO) has charged two former Serco executives with fraud and false accounting as part of an investigation into the outsourcing giant’s electronic tagging contract. Nicholas Woods and Simon Marshall have both been charged with fraud by false representation and false accounting in relation to representations made to the Ministry of Justice [...]