Fraud squad boss will favour firms who keep hold of incriminating evidence April 3, 2019 Companies should be prepared to keep hold of evidence of fraud and corruption in their ranks if they want to co-operate with the authorities, the boss of the UK fraud office has said. Lisa Osofsky, the recently appointed director of the Serious Fraud Office (SFO), said companies not only needed to be "brave enough" to [...]
Miner Churchill faces administration after losing court battle with Indonesia March 31, 2019 A London-listed miner looks set to enter administration after it lost a battle with the Indonesian government. Churchill Mining has told a court that it intends to appoint administrators, with RSM ready to step in, the Sunday Times reported. Read more: London obvious choice for float says boss of Kazakh miner The firm had been [...]
Euribor rate-rigging trial delivers the fraud office a much-needed win April 1, 2019 The convictions of two former Barclays bankers in the Serious Fraud Office’s long and protracted probe into Euribor manipulation will inject a new sense of purpose into an agency weary from a string of defeats and climbdowns. Today Carlo Palombo and Colin Bermingham were sentenced to a combined nine years in prison for their role in [...]
The big winners from an Aramco listing will be the bankers March 13, 2018 Britain’s bankers and City advisors are very excited about the mooted flotation of Saudi Arabia’s state-owned oil company Aramco. The potential fees – and therefore bonuses – generated are likely to be astonishing. It will be trebles all round, as they say in Private Eye. However, as an investment proposition there may be less to [...]
What Theresa May as Prime Minister means for the future of the fraud squad July 13, 2016 Monday saw the pound spike and the FTSE 100 creep back into bull territory following Andrea Leadsom’s exit from the Conservative party leadership race. It was clear that bookies’ favourite Theresa May’s campaign to frame herself as the candidate for stability in the post-referendum chaos had resonated deeply with markets. Yet while those in the [...]
Ex-City sheriff Sir Paul Judge hit by setback over ENRC leak case November 4, 2014 The High Court has rejected an application made by Sir Paul Judge to strike out claims brought against him by his former employer, Eurasian Natural Resources Corporation (ENRC). He has also been ordered to pay 80 per cent of the company’s costs, which have yet to be determined. A source told City A.M. they [...]
Canaccord departs Quindell: When a listed company’s broker quits, it usually means bad news November 17, 2014 Brokers to stock-market listed companies tend to stick around for the long-term, so when they exit abruptly there is usually a good reason for it. Canaccord’s departure from Quindell appears to have taken the market by surprise, but its decision to go follows a controversy over share-dealing by the directors. In May 2008, less than [...]
Hedge fund Elliott Advisors earns £59m after selling down stake in Game Digital September 18, 2014 GAME Digital’s US hedge fund owner Elliott Advisors has pocketed £58.5m after selling a chunk of its stake in the video games retailer, dragging shares down yesterday. Liberum Capital revealed yesterday it had sold 22.5m shares held behalf of Elliott Advisors through a Luxembourg-registered investment vehicle, Duodi. The tranche of shares, which was sold through [...]
City watchdog grilled by MPs on ENRC’s stock market admission November 26, 2013 THE UK’S financial regulator faced a grilling from MPs yesterday over its decision to admit troubled miner ENRC to the London stock market six years ago. David Lawton, director of markets at the Financial Conduct Authority, told a committee of MPs that he was not aware of a report published by law firm Herbert Smith [...]
ENRC proposes a quarantine for foreign listings in London October 23, 2013 MINING group ENRC has called for a quarantine period for foreign firms listing in London, to ensure companies have time to adjust to the UK’s stock market rules. ENRC, which has been beset with problems ranging from boardroom fallouts to a corruption investigation since it listed in 2007, complained that “the London commentariat” were unsympathetic [...]