European Financial Correspondent
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Feb 12, 2015

UK’s SFO wins corporate foreign bribery conviction-and one legal bill

LONDON, Feb 12 (Reuters) – Britain’s Serious Fraud Office
(SFO) has secured a key corporate conviction for foreign bribery
after a London court sentenced the chairman and marketing
director of a UK printing company for bribing public officials
in Kenya and Mauritania.

Judge David Higgins on Thursday sentenced Christopher Smith,
the 72-year-old chairman of Smith and Ouzman, to an 18-month
suspended sentence and sales and marketing director Nicholas
Smith, 43, was handed a three-year jail sentence.

Feb 12, 2015

UK lawmakers to haul up HSBC, tax chiefs over Swiss bank allegations

LONDON, Feb 12 (Reuters) – British lawmakers plan to call up
the bosses of HSBC and the tax authority, HMRC, to quiz
them over allegations some clients of HSBC’s Swiss private bank
evaded tax.

HSBC Chairman Douglas Flint and HMRC Chief Executive Lin
Homer are expected to appear on Feb. 25 before the Treasury
Committee of lawmakers, who watch over the financial industry.
The Committee said on Thursday details of the hearing had not
been finalised.

Jan 28, 2015

UK Alstom bribery investigation swings spotlight onto Hungary

LONDON, Jan 28 (Reuters) – British prosecutors are
investigating whether subsidiaries of Alstom, the
French power and transport company at the centre of an
international corruption inquiry, committed offences in Hungary,
a London court heard on Wednesday.

The Serious Fraud Office (SFO) has already charged two
UK-based Alstom subsidiaries and four former employees with
corruption, alleging they disguised bribes as consultant fees to
win lucrative contracts in India, Poland, Tunisia and Lithuania.

Jan 27, 2015

UK banks face hefty credit card claims after pact with watchdog

LONDON, Jan 27 (Reuters) – Around two million Britons who
may have been mis-sold insurance to cover events such as credit
card fraud will be asked to vote for a scheme that could cost
top banks hundreds of millions of pounds in compensation.

The scheme, which affects security products on credit and
debit cards over an eight-year period, comes after banks have
already set aside more than 24 billion pounds ($36 billion) to
compensate customers mis-sold loan and mortgage insurance.

Jan 23, 2015

ENRC, Zamin set for London court clash over Brazil mine next year

LONDON, Jan 23 (Reuters) – Two mining companies in a spat
over a Brazilian iron ore project are set to battle it out in a
London court in early 2016.

A London high court judge on Friday set a trial date of late
January next year for the case, which pits Kazakhstan’s Eurasian
Natural Resources Company (ENRC) against former joint venture
partner in the project, Indian tycoon Pramod Agarwal’s Zamin
Ferrous.

Jan 22, 2015

Two former RP Martin bosses fined, banned after Libor probe

LONDON, Jan 22 (Reuters) – Britain’s financial regulator has
fined and banned the former chief executive and compliance chief
of UK brokerage RP Martin for “compliance and cultural failings”
that it said permitted the alleged manipulation of Libor
benchmark interest rates.

In its first fine on individuals for failings related to a
sprawling, global investigation, the Financial Conduct Authority
(FCA) on Thursday fined former chief executive David Caplin
210,000 pounds ($319,000) and former compliance officer Jeremy
Kraft 105,000 pounds.

Jan 19, 2015

Boss of UK hedge fund Weavering convicted in fraud case

LONDON, Jan 19 (Reuters) – The boss of collapsed UK hedge
fund Weavering could be jailed for up to 10 years after being
found guilty of fraud by a London court on Monday, giving
Britain’s Serious Fraud Office (SFO) one of its most senior
financial scalps since the credit crunch.

Magnus Peterson, 51, was found guilty of eight counts of
fraud, forgery, false accounting and fraudulent trading after a
12-week trial that tested the jury’s grasp of financial markets.
The fraud over a six-year period cost investors $536 million.

Jan 8, 2015

Arrested RBS forex trader named as Paul Nash: sources

LONDON (Reuters) – Royal Bank of Scotland currency trader Paul Nash has become the first individual arrested in connection with a global inquiry into alleged manipulation in the foreign exchange market, sources familiar with the matter said on Thursday.

Nash, who was suspended by RBS in 2013, was named by the sources as the man arrested in Billericay, southeast England, on Dec. 19. One of the sources said his arrest came only days before he emigrated to Canada.

Dec 12, 2014

UK hedge fund divorce ruling reveals Hohn charity split row

LONDON, Dec 12 (Reuters) – The acrimonious divorce of
Britain’s most generous philanthropists, hedge fund billionaire
Christopher Hohn and his estranged wife Jamie Cooper-Hohn, could
lead to a split of one of the largest private charities in the
world.

A $530 million divorce settlement awarded to Cooper-Hohn,
announced last month, is the largest in reported British legal
history. But details of the settlement have only now been
published, in a partly redacted judgment that divides available
assets put on Friday at around $1.5 billion.

Dec 8, 2014

SFO nails its first convictions under new bribery laws

LONDON (Reuters) – Three men were jailed for masterminding a 23 million pound biofuel investment scam on Monday, in the first convictions by Britain’s Serious Fraud Office (SFO) under tough new anti-bribery laws.

The Britons were executives or agents of Sustainable AgroEnergy Plc, a company that promoted biofuel investment products linked to southeast Asian plantations of jatropha trees, once considered a wonder plant in the hunt for oil.

    • About Kirstin

      "Based in London, I cover European financial regulation, banking and legal stories. Before that, I was European Telecommunications Correspondent and have worked on assignments in countries such as Germany, Switzerland, Austria, Italy, Japan and Dublin."
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