Ex-Afren executives guilty of $300m oil business deal fraud October 24, 2018 Two former Afren oil executives who laundered $45m (£34.83m) after deceiving the now collapsed company into a fraudulent $300m deal have today been found guilty. Former chief executive Osman Shahenshah, 56, and ex-chief operating officer Shahid Ullah, 59, hatched the plan after a shareholder revolt objected to their £6.6m and £3.8m salaries. Read more: Afren sinks into administration The [...]
Former Barclays trader Jay Merchant jailed for Libor rigging deported to India September 18, 2018 One of the first bankers jailed for Libor rigging has been deported to India, City A.M. can reveal. Indian-born Jay Merchant was the most senior of a group of Barclays bankers sentenced for manipulating the benchmark – used to set borrowing rates for trillions worth of loans and derivatives – following an 11-week trial at Southwark [...]
Former Barclays trader Jay Merchant jailed for Libor rigging deported to India September 18, 2018 One of the first bankers jailed for Libor rigging has been deported to India, City A.M. can reveal. Indian-born Jay Merchant was the most senior of a group of Barclays bankers sentenced for manipulating the benchmark – used to set borrowing rates for trillions worth of loans and derivatives – following an 11-week trial at Southwark [...]
Danske Bank shares crash to four-year low over Russian money laundering October 5, 2018 Shares in Danske Bank plunged to four-year lows this morning, after reports of an internal memo suggested the bank executed up to €8.5bn (£7.5bn) in mirror trades for Russian customers in 2013. The bank's share price fell as much as 11 per cent this morning to 141.30 Danish crowns, its largest one-day drop in seven years. [...]
Regulator blocks Danske Bank’s pick for chief executive after €200bn scandal October 17, 2018 Danish authorities have blocked the appointment of a new chief executive at Danske Bank, piling more misery on the firm which is reeling from a €200bn (£176bn) money laundering scandal. The Danish Financial Supervisory Authority (FSA) turned down the appointment as chief executive of the bank’s head of wealth management, Jacob Aarup-Andersen, because of lack [...]
Court gears up to hear Morrisons’ appeal against landmark data breach ruling October 8, 2018 Supermarket giant Morrisons will launch an appeal tomorrow against the High Court's decision to find it vicariously liable for a data breach that hit over 100,000 employees. In December last year the supermarket chain was found to be legally responsible for the breach, which was carried out by former employee Andrew Skelton. Skelton, a former senior [...]
Danske Bank faces US probe over €200bn money laundering scandal October 4, 2018 The crisis at Danske Bank deepened today as it confirmed that US authorities are investigating a €200bn money laundering scandal involving suspicious Russian money. Danske Bank has received "requests for information" from the US Department of Justice (DoJ) about the suspected money laundering which took place in its Estonian branch between 2007 and 2015. The [...]
Tesla shares plummet as Elon Musk faces criminal probe over going private comments September 18, 2018 Shares in Tesla have plummeted after the US justice department launched a criminal investigation into Elon Musk's comments regarding taking the company private. The company's share price tumbled more than 4 per cent after it emerged that federal prosecutors had opened a fraud investigation, according to Bloomberg. The probe centres on statements Musk made on Twitter [...]
Tesla shares plummet as Elon Musk faces criminal probe over going private comments September 18, 2018 Shares in Tesla have plummeted after the US justice department launched a criminal investigation into Elon Musk's comments regarding taking the company private. The company's share price tumbled more than 4 per cent after it emerged that federal prosecutors had opened a fraud investigation, according to Bloomberg. The probe centres on statements Musk made on Twitter [...]
Standard Chartered reportedly facing $1.5bn Iran sanctions fine October 1, 2018 Standard Chartered is reportedly facing a fine of as much as $1.5bn (£1.15bn) from the US Department of Justice (DoJ) for violating sanctions on Iran. The British bank could face the penalty by the end of the year, although final discussions have not yet begun, Bloomberg reported. The investigation into Standard Chartered’s activities is focused [...]