Guest post – Opinion: SFO confirms 8 Bribery Act ‘Projects’ – enforcement rhetoric will convert into action

Posted on |

‘We have some 68 cases on our books at present, including matters under development in our intelligence section; these include eight Bribery Act projects. We have also charged our first offences under the Bribery Act 2010.’

said David Green speaking at the Cambridge Economic Symposium [on 2 September].

The SFO may have laid its first Bribery Act charges but they were not against a corporate.

Speaking at the symposium Mr Green went on to say:

‘What the SFO does helps to underpin the recovery by attacking criminal corporate behaviour and thereby encouraging good corporate culture. Similarly, foreign bribery undermines civil society, and ultimately harms the poorest most.’

Blah blah blah. Say some.

Over two years old and brought in with huge fanfare and publicity the lack of visible enforcement against a corporate has created a false sense of security among many. Continue reading “Guest post – Opinion: SFO confirms 8 Bribery Act ‘Projects’ – enforcement rhetoric will convert into action”

Trial begins in the SFO’s first prosecution under the UK Bribery Act

Posted on |

The Serious Fraud Office’s (SFO’s) long-awaited first prosecution under the UK Bribery Act began yesterday (23 September), as four men from biofuel investment promoter Sustainable AgroEnergy went on trial in Westminster Magistrates Court.

Four of the men, all former employees of AgroEnergy, which parent company Sustainable Growth is now in administration, are charged with conspiring to conduct a £23m fraud operation in relation to the promotion and selling of bio fuel investment products to UK investors between April 2011 and February 2012, while three of them are also charged with making and accepting a financial advantage contrary to section 1(1) and 2(1) of the act. Continue reading “Trial begins in the SFO’s first prosecution under the UK Bribery Act”

Regulatory work: Cadwalader and Cleary face off over Ryanair/Aer Lingus, while Links and HSF advise on PPI compensation pot

Posted on |

In a move being watched with interest by M&A lawyers and competition experts throughout Europe, the Competition Commission (CC) has today (28 August) dealt another blow to Ryanair’s long-held ambitions to buy Aer Lingus by ordering the airline to sell the majority of its 30% stake held in its rival, ruling that the minority stake could allow it to materially influence Aer Lingus in a way that may be anti-competitive.

However, Ryanair has wasted no time in saying it will appeal against the decision, described by Ryanair chief executive Michael O’Leary to the BBC as ‘bizarre and manifestly wrong’. This will meaning more work for Ryanair’s seasoned advisors, Cleary Gottlieb Steen & Hamilton, led by competition partner Nicholas Levy.

Continue reading “Regulatory work: Cadwalader and Cleary face off over Ryanair/Aer Lingus, while Links and HSF advise on PPI compensation pot”

FSA scrutiny increases financial service practitioners’ workload

Posted on |

Financial regulation partners are now in even higher demand as financial institution clients panic after the Financial Services Authority (FSA) recently fined former J.P. Morgan Cazenove banker Ian Hannam £450,000 for market abuse.

The financial watchdog issued the fine against Hannam after he allegedly shared financial information ahead of a deal, violating the so-called ‘wall-crossing’ rule.

Continue reading “FSA scrutiny increases financial service practitioners’ workload”