UK prosecutors handed power to use plea bargains for corporates February 23, 2014 BRITISH prosecutors will have new powers from today to offer US-style plea bargains to companies accused of corporate crimes, in return for penalties and concessions. Deferred Prosecution Agreements (DPAs) will allow firms to avoid prosecution for crimes including corruption and fraud if they agree to certain conditions. These could includes fines, compensation for any victims, [...]
Former Barclays traders charged in Libor probe February 17, 2014 THREE ex-Barclays traders were charged in relation to the fraud squad’s Libor probe yesterday. The action doubles the number of financiers facing criminal proceedings over the attempts to manipulate the key inter-bank lending rate, after a former UBS banker and two ex-RP Martin brokers were charged last year. It is understood that more ex-bankers and [...]
Libor case sees 3 ex-Barclays employees charged February 17, 2014 The Serious Fraud Office (SFO) has confirmed that three former Barclays employees have been charged in the UK in connection with the manipulation of the London Interbank Offered Rate (Libor). The SFO’s named the individuals as Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas. It’s alleged they conspired to defraud between 1 June 2005 [...]
Stocks rocked by Rolls-Royce growth warning February 13, 2014 ROLLS-ROYCE said its profits fell more than a third in the last year, and warned there will be no growth in 2014 either, sending its shares tumbling almost 14 per cent and dragging the FTSE 100 lower yesterday. The engineering giant reported pre-tax profits of £1.76bn, down 36 per cent on the previous year, though [...]
Analyst Views: How did you take Rolls’ results and outlook for the year? February 13, 2014 SASH TUSA | EDISON INVESTMENT RESEARCH Rolls’ management is likely to focus on the operational challenges associated with the falling defence backlog and transition to a high level of Trent XWB deliveries. [T]he continued news-flow concerning the SFO investigations… [is] likely to be an unwelcome distraction, but not core to the investment case. JONATHAN JACKSON [...]
Rolls Royce shares plummet on SFO corruption probe February 13, 2014 Rolls Royce shares have taken a hit this morning, currently down almost 15 per cent after the engine manufacturer confirmed that it may face prosecution for alleged corruption in overseas dealings. What's more, it also saw reported profit before tax plunge 36 per cent – to £1.8bn in 2013 from a year earlier – due in part to [...]
Two arrested in Rolls-Royce bribery probe February 12, 2014 TWO MEN were arrested yesterday after the Serious Fraud Office co-ordinated raids across London as part of its investigation into Rolls-Royce. The fraud squad, which opened a criminal probe into claims of bribery and corruption at Rolls-Royce in December, confirmed the property searches and the arrests. The National Crime agency and the City of London [...]
HP audit finds profit shortfall at Autonomy February 3, 2014 BRITISH software firm Autonomy allegedly inflated its revenue and profit by as much as 81 per cent before Hewlett-Packard (HP) bought it for $11bn (£6.74bn) in 2011, according to UK accounts filed by HP on Friday. Autonomy, currently at the centre of fraud investigations by the Serious Fraud Office (SFO) and the US Department of [...]
SFO pleads for extra funding January 30, 2014 THE SERIOUS Fraud Office (SFO) has made an urgent plea for £19m of extra funding from the Treasury. In a written ministerial statement the solicitor general Oliver Heald explained that the SFO has asked for emergency contingency funding to “meet an urgent cash requirement on existing services.” A cash advance of £11m on the £19m [...]
Stock drops on Serco warning over earnings January 30, 2014 TROUBLED outsourcing firm Serco yesterday warned that profits would fall in 2014, overshadowing the good news that its ban on winning new government work had been lifted. The FTSE 100-quoted company was barred from winning fresh government contracts due to allegations of fraud, but yesterday the Cabinet Office said that the firm “had developed a [...]