Ernst &Young in Akai payout September 23, 2009 ERNST & Young (E&Y) was forced to make a “substantial” payout to the liquidator of failed consumer electronics firm Akai Holdings yesterday, after being accused of falsifying documents in a long running court battle. The Big Four accountancy firm has made a settlement to Hong Kong liquidator Borrelli Walsh after it admitted documents it used [...]
CITY ROCKED AS GARTMORE STAR PROBED March 30, 2010 Fund manager Gartmore saw its stock tumble by almost a third yesterday after its star manager Guillaume Rambourg was suspended. A statement disclosing the suspension came at the close of a week of intense City speculation the firm could be involved in the massive insider trading investigation being carried out by the Financial Services Authority [...]
GOLDMAN EXECUTIVES KEEP IT IN THE FAMILY May 5, 2010 A RIFLE through the proxy statement issued by Goldman Sachs to its shareholders ahead of tomorrow’s general meeting throws the spotlight firmly back on compensation – and it seems the firm’s executives aren’t the only ones being scrutinised. That’s right – not only are investors being asked to give their thoughts on the pay packages [...]
Weaker dollar is behind the mining sector rally March 29, 2010 IT IS a sign of the optimism flooding the mining sector at the moment that Rio Tinto’s share price was able to rise yesterday even as a Chinese court jailed four of its staff for between seven and 14 years for taking bribes and stealing commercial secrets. The heavyweight miner was able to shrug off [...]
Denton Wilde Sapte joins the rush for transatlantic law firm mergers June 6, 2010 MERGERS and acquisitions are rattling along at quite a pace among transatlantic law firms – unlike at the corporate clients they service, many of which are still finding the M&A game a little hard going at the moment, not least of course Prudential. The latest legal mega-deal repays a closer look. The City’s Denton Wilde [...]
Soaring London fraud rate tops a bumper decade for criminals January 24, 2010 A record £1.3bn of fraud committed in 2009 highlights a surge in the level of the crime during the 2000s when 1,750 cases were registered. It meant fraudsters netted more than £7bn of ill-gotten gains in a decade which saw the ascent of high profile “super-cases” involving billions of dollars and notorious individuals such as [...]
You should shop elsewhere March 9, 2010 LIBERTY didn’t suffer as much as rivals during the recession, which is why it isn’t bouncing back quite so energetically. Consensus forecast for net asset value (NAV) per share was between 480p and 500p, but those expectations were always too high. That said, even the bears were disappointed by the actual NAV per share of [...]
When divorcees turn private detective February 1, 2010 TWO recent, high-profile divorce cases have highlighted long running issue of what are the acceptable lengths a party can go to when they are convinced that their ex is hiding or undervaluing assets which they believe should be part of a divorce settlement. The first involves the chef Marco Pierre White, who has been given [...]
JUDGE TO STRIKE OUT ON TURF OF TRADERS October 15, 2009 A SLIGHT glitch yesterday at the long-anticipated court case between wheeler-dealers BGC Partners and Tullett Prebon, as one of the barristers was taken ill and could not attend to give his opening statements. As is customary with these things, the rest of the legal eagles were keen to make the best of their time in [...]
Four politicians to face charges over expenses February 4, 2010 FOUR politicians will face criminal charges over their expenses, the Crown Prosecution Service (CPS) has said. MPs Elliot Morley, Jim Devine, David Chaytor and peer Lord Hanningfield will face charges under the Theft Act. In a joint statement the MPs said they denied any wrongdoing and would “defend our position robustly”. Police have investigated a [...]