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SFO Civil Recovery Order Leads to Concerns for ShareholdersIn the final act of the Mabey & Johnson case, the UK Serious Fraud Office has agreed a civil recovery order with the parent of the engineering company, which pleaded guilty to corruption offences and breaches of UN sanctions in September 2009. In a development that has caused a stir in the investment community, Mabey Engineering (Holdings) Ltd is to pay a sum of approximately £130,000 to reflect the share dividends it received from its subsidiary that arose from profits from Iraqi bridge-building contracts won through corruption and sanctions breaches. |
The Mabey Civil Recovery Order; Investors BewareStephen Platt & Associates LLP This briefing examines the successful attempt by the UK SFO to obtain a civil recovery order against an ‘innocent’ shareholder of a company which had been engaged in bribery and sanctions offences. The case marks the beginning of a much more proactive approach by investigating agencies to target not only the offending institutions but also the shareholders who benefit by way of dividend payments. |
David Einhorn and Greenlight Capital Inc fined £7.2m for trading on inside information in Punch Taverns Plc.UK FSA Press Release The Financial Services Authority (FSA) has decided to fine David Einhorn, owner of the prominent US hedge fund Greenlight Capital Inc (Greenlight), and his fund £7.2 million for engaging in market abuse in relation to an anticipated significant equity fundraising by Punch Taverns Plc (Punch) in June 2009. |
EU Approves Tough Oil Embargo on IranAn Al Jazeera Report In a move that comes with plenty of risks, not just for Iran but also for eurozone countries suffering the most in the Eurozone crisis, the European Union has decided to impose sanctions on the Islamic Republic. All new contracts for crude oil and petroleum products between Iran and any of the EU's 27 member states will be forbidden under the embargo and all existing contracts have to be suspended by June. The US, which has imposed import sanctions on Iran since 1979, added its might behind the EU embargo on Monday by blacklisting Iran's Bank Tejarat, its third largest, and an affiliate, Trade Capital Bank. There will be a review of the embargo on May 1, a month before all oil contracts cease. Al Jazeera's Nick Spicer reports from Brussels, where the EU held on Monday a meeting that approved the embargo. |
UK SFO: 4 Men Convicted on Corruption ChargesUK Serious Fraud Office Press Release Four men have been convicted of conspiring to corruptly obtain payments by supplying confidential information about a series of high-value engineering projects in the oil and gas engineering industry. Amounting to around £70 million, the contracts affected were for engineering and procurement projects based in Iran, Egypt, Sakhalin Island (Russia), Singapore and Abu Dhabi, over the period 2001 to 2009. |
What Lies BeneathWith a plethora of legislation, regulation and guidance we can be forgiven for wondering what our next best steps should be when performing due diligence and fulfilling our anti-money laundering requirements. However if we boil things down to their absolute essence we simply need to be thinking about 'what lies beneath' |
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"Re: Listed companies",
1 day ago
by Anonymous, Jersey
AIM is not a 'Regulated Market' for the purpose of qualifying for simplified CDD. |
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"Re: Listed companies",
1 day ago
by Anonymous, United Kingdom
Thanks for that. What I am trying to establish is if the LSE AIM list is acknowledged as a recog... |
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"Re: News of Interest",
1 day ago
by Helen Lampitt, Isle of Man
If you type the website address that Naomi has quoted in to 'Google Translate' you will get a tra... |
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