‘The food sucks and the sex is worse’: Barclays fraud trial execs joked about prison January 24, 2019 Ex-Barclays bosses on trial for fraud joked about going to jail while organising a crucial capital raising drive at the height of the financial crisis, with wealth manager Tom Kalaris saying “the food sucks and the sex is worse”. Another executive, Richard Boath, expressed fears the bank would be “basically dead” if it were unable to secure [...]
Tesco and Carrefour to trial refillable container scheme in bid to cut waste January 24, 2019 Supermarket giants Tesco and Carrefour are set to trial a refillable container scheme in a bid to cut waste created by excess packaging and single-use containers. The French and British retailers have teamed up with a coalition of major consumer product companies to pilot a new service to provide online shoppers with refillable containers. Read [...]
SFO publishes terms of deferred prosecution agreement with Tesco after reporting restrictions lifted January 23, 2019 The Serious Fraud Office (SFO) has published the full terms of the Deferred Prosecution Agreement (DPA) it agreed with Tesco following the 2014 accounting scandal. Reporting restrictions around the DPA – a voluntary agreement which allows companies to forego prosecution by fulfilling certain requirements – were lifted when former Tesco director Carl Rogberg was acquitted today. [...]
Ex-Barclays executives ‘made secret Qatar payments to avoid government bailout’, court told January 23, 2019 The ex-boss of Barclays and three former executives were accused today of committing fraud to avoid a government bailout at the height of the financial crisis. The case, filed by the Serious Fraud Office (SFO), says senior Barclays employees made secret payments to Qatar in exchange for substantial investment in the bank, in order to avoid [...]
Charges dropped against former Tesco executive Carl Rogberg in fraud trial January 23, 2019 The case against the third defendant in the Tesco fraud trial Carl Rogberg has been dropped today. Tesco executive Rogberg, 52, a former finance director at the supermarket giant, was charged with fraud, alongside fellow executives Chris Bush and John Scouler after a hole was found in Tesco’s accounts in 2014, wiping £1.5bn from its [...]
Euribor traders gamed the financial system for personal gain, court told January 15, 2019 Three former Barclays employees who are on trial for allegedly rigging the Euribor interest rate were part of an “elite” group of traders who gamed the financial system for personal gain, a court has heard. James Waddington QC, representing the Serious Fraud Office (SFO), told Southwark Crown Court that Sisse Bohart, 41, Carlo Palombo, 40, [...]
Acacia fined for environmental breaches in Tanzania amid ongoing spat January 10, 2019 Acacia Mining has been hit with a 300m Tanzanian shilling fine (£102,000) two days after the country appointed a new mining minister. Authorities demanded payment after the FTSE 250 listed company allegedly broke environmental laws. However, Acacia said it had not received any details to support the allegations. The fairly small fine pales into insignificance [...]
SFO scales back probe into Rolls-Royce January 7, 2019 The Serious Fraud Office (SFO) has dropped its investigation into a number of individuals associated with British engineering giant Rolls-Royce. Sky News originally reported that a number of people who were suspects in the SFO's investigation have been informed that they are no longer under investigation. Rolls-Royce entered into a deferred prosecution agreement (DPA) with the SFO [...]
Former Barclays bosses face trial over financial crisis-era deals with Qatar January 6, 2019 Four of Barclays' most senior bankers will appear in court tomorrow on charges relating to a rescue package the bank secured from Qatar at the height of the financial crisis. Former Barclays chief executive John Varley will stand trial alongside former senior executives Roger Jenkins, Tom Kalaris and Richard Boath over funding from Qatari investors that allowed the [...]
SFO tells former Barclays trader convicted of Euribor rigging to pay £77,000 confiscation order December 20, 2018 A former Barclays trader who was found guilty of manipulating the Euribor interest rate benchmark has been ordered to pay more than £77,000 or have an extra three years added to his sentence. The Serious Fraud Office (SFO), which brought its case against Philippe Moryoussef in 2015, has ordered the former trader to pay a confiscation order [...]