Petrofac loses out on $10bn in contracts amid SFO probe June 25, 2019 A Serious Fraud Office investigation into Petrofac has made the company lose out on $10bn (£7.8bn) of contracts, its chief financial officer said today. Alastair Cochran said that a guilty please from its former head of sales, David Lufkin, came just as Petrofac was bidding for contracts. The oilfield servicer lost about $2bn to $3bn [...]
Police arrest fifth man in London Capital & Finance probe June 20, 2019 Police yesterday arrested millionaire businessman Paul Careless in connection with the collapse of mini-bond investment firm London Capital & Finance (LCF). He is the fifth person arrested as part of a Serious Fraud Office (SFO) investigation into LCF’s failure. An SFO spokesperson said: “On 19 June 2019, search warrants were executed at several properties in [...]
SFO drops probe into how it handled ENRC investigation June 16, 2019 The Serious Fraud Office is dropping an inquiry into its handling of an investigation into former London-listed miner ENRC. Sir David Calvert-Smith has been asked to abandon his work after being appointed to head the independent inquiry last year, the Sunday Times reported. The SFO dropped the inquiry after ENRC decided to sue it for [...]
Libor broker banned by regulator for dishonest trades May 29, 2019 A broker who was acquitted of helping jailed former UBS trader Tom Hayes rig the Libor benchmark has today been banned by the regulator for dishonesty. Terry Farr, who was formerly a manager on the Japanese Yen desk at brokerage Martins, has been banned by the Financial Conduct Authority (FCA) from regulated financial activity. Read [...]
HM Treasury launches probe into FCA regulation of collapsed firm London Capital & Finance May 23, 2019 HM Treasury has launched an investigation into the collapse of investment firm London Capital & Finance, which will probe the actions of the Financial Conduct Authority. The independent review, which will be lead by Dame Elizabeth Gloster and is expected to take 12 months, will investigate the circumstances surrounding the failure of LCF, which went into [...]
Major multi-national fraud probe into Airbus could settle this year May 23, 2019 Airbus could reach a settlement with British, French and US authorities in a long-running fraud investigation as soon as this year, sources with knowledge of the case told City A.M. The UK’s Serious Fraud Office (SFO) opened an investigation into Airbus’ use of third party consultants to win international aircraft orders in August 2016. French [...]
Loopholes in anti-money laundering law could be exploited by criminals, MPs and Lords say May 20, 2019 A joint parliamentary Committee today raised concerns that criminals could exploit loopholes in a new bill aimed at clamping down on laundering money through UK property. The joint Committee on the draft Registration of Overseas Entities Bill welcomed the legislation, but said in its current state it could be circumvented by criminals. Read more: EU [...]
Serious Fraud Office arrests four in probe into UK fuel distribution giant Greenergy May 16, 2019 The Serious Fraud Office (SFO) said today it had launched an investigation into UK petrol giant Greenergy, arresting four individuals. The SFO said it had opened a joint investigation with Dutch authorities concerning aspects of biodiesel trading at Greenergy and various third parties. Read more: Serious Fraud Office drops probes into Rolls-Royce and GSK Greenergy [...]
Bank of England warned prosecutors against charging Barclays over controversial Qatar payments May 15, 2019 The Bank of England warned fraud prosecutors against charging Barclays over Qatar payments made at the height of the financial crisis, it has emerged. The Bank’s top regulator Sam Woods told the Serious Fraud Office in 2017 that criminal charges could pose a threat to Barclays’ safety and soundness, the Financial Times reported. Woods, [...]
Tory MP Johnny Mercer dismisses alleged ties to London Capital & Finance as ‘smear’ by rivals April 24, 2019 Tory MP Johnny Mercer has hit back at allegations he was involved in collapsed firm London Capital and Finance (LCF), claiming they are part of a "co-ordinated attempt" to go after him. Mercer, who is thought to want to run for Tory leader, has been under scrutiny for his non-executive director role at the Crucial Academy, for [...]