Sepp Blatter resigns as president of Fifa June 2, 2015 Fifa boss Sepp Blatter resigned from his presidency of the organisation, after weeks of accusations in the run-up and following his re-election as president. Read more: Blatter's Fifa reign is four times longer than the average FTSE boss In a last-minute press conference called this afternoon, Blatter said the organisation "needs a profound restructuring", and [...]
Fifa crisis: Barclays, HSBC and Standard Chartered to launch internal review following FBI investigation May 31, 2015 Barclays, HSBC and Standard Chartered are all believed to have launched internal investigations into their role in the Fifa corruption scandal that has engulfed world football this week. The British banks were all named in the US Department of Justice's (DOJ) lawsuit against 14 people – including nine Fifa officials – for racketeering, wire fraud and [...]
From Fifa and Greece to the rail strike and Queen’s Speech: Here’s what got us talking this week May 29, 2015 There was a speech. There was a protest. There were some strange-looking balloons. And rapidly receding in our memories, there was a bank holiday. Here's what got us talking this week 1. Fifa was in the news Commentators expressed but little surprise when a number of Fifa officials were arrested this week, but [...]
Serious Fraud Office to examine Fifa allegations after being accused of “failing its duty” May 29, 2015 Britain's Serious Fraud Office (SFO) will examine information relating to alleged Fifa corruption after announcing it is "ready to assist in ongoing international criminal investigations". Two large British banks – HSBC and Barclays – were both named in the indictment filed by the US Department of Justice (DoJ), which led to the explosive arrest of [...]
Trader Tom Hayes accused of greed and dishonesty in Libor-rigging scandal May 26, 2015 The first trial of a trader accused of fraudulently attempting to manipulate key interest rate benchmark Libor began in Southwark yesterday. Prosecutors said Tom Hayes, a 35-year-old former UBS and Citigroup trader, was “greedy” and used his position over several years to engage in the “dishonest rigging of Libor”. Hayes, who pleaded not [...]
Libor-rigging scandal: Tom Hayes lost his Citi job over his methods, prosecutors tell court May 26, 2015 Former trader Tom Hayes was fired in 2010, four years after he started attempting to manipulate Libor, according to the prosecution’s case in court yesterday. Lawyers presenting the Serious Fraud Office’s (SFO) case in Southwark Crown Court said the former UBS and Citi banker received complaints just months after he started to work at [...]
Libor-rigging scandal: As trader Tom Hayes comes to court, wait for justice will soon be over – Bottom line May 26, 2015 Politicians have been screaming for blood over the Libor scandal for years, as fines and firing have not sated their anger with banks. Now they have a chance to see if one accused trader will be jailed, as the evidence is presented to a jury. But coming three years after the Barclays fine blew [...]
First Libor-fixing accused heads to court May 25, 2015 The first trial over alleged Libor-fiddling begins today, and ex-trader Tim Hayes will appear in Southwark Crown Court. Hayes, a former UBS and Citi trader, is charged with eight counts of conspiracy to defraud. The trial is beginning three years after the Serious Fraud Office (SFO) began its probe into the scandal. The SFO claim [...]
Tesco keeps clawback of Clarke’s pay-off in sight May 21, 2015 TESCO said yesterday that it could still claw back a £1.5m pay-off made to former chief executive Philip Clarke if new evidence of misconduct during his time at the retailer came to light. Tesco was forced to suspend its own internal probe into practices that led the company overstating profits by £263m when the Serious [...]
Alstom facing further charges in SFO inquiry April 16, 2015 FRENCH engineering group Alstom is facing further corruption charges filed by the Serious Fraud Office (SFO) as part of its ongoing investigation. Both Alstom Network UK, a subsidiary of Alstom, and Michael John Anderson, a UK resident who was previously business development director for Alstom Transport in France, have been charged with two corruption offences [...]