UK

Tony Shearer, merchant banker – obituary

Posted 31/10/2017 - 13:54 by anrigaut

2017-10-31 (All day)

Tony Shearer, who has died aged 68, was chief executive of the merchant bank Singer & Friedlander until it was acquired by Kaupthing of Iceland, which rapidly drove it into bankruptcy. ....

Note (anrigaut): Sad news. The obituary is worth reading for the history (KSFIOM even get a brief mention) but is behind a paywall (I discovered you can register for free to read one article per week and was able to read it that way). If only the FSA had listened to Tony back in 2005 ...

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Savers hit as Bank cuts protection on deposits to £75,000 for first time since financial crisis

2015-07-02 23

Cash in bank accounts will only be guaranteed up to a limit of £75,000 from January 1, 2016, the Bank of England has said, down from the current limit of £85,000, because of the euro's weakness against the pound.

Senior Conservative MP Andrew Tyrie called the decision "absurd" and urged the Chancellor George Osborne to push for the EU's rules to be changed to allow the guarantee to be raised back up to £85,000.

.....

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English Commercial Court gives judgement on jurisdictional issues in Tchenguiz case

Posted 02/07/2015 - 08:25 by anrigaut

2015-06-30 23

In November 2014 Vincent Tchenguiz and related parties launched a claim in the English Commercial Court against Kaupthing, Jóhannes Rúnar Jóhannsson (a member of Kaupthing’s Winding-up Committee), Grant Thornton UK LLP and two partners of Grant Thornton UK LLP. ...

In January, Kaupthing and Mr Jóhannsson applied to have the claim dismissed or stayed on jurisdictional grounds. Today the Court has ruled that the Tchenguiz parties are prohibited from suing Kaupthing in England. The effect of this judgment is that proceedings on the substantive claims against Kaupthing cannot take place in England.

As regards Mr Jóhannsson, the Court has held that as a matter of territorial jurisdiction there is no bar to the claim as against Mr Jóhannsson continuing in the English courts. ...

Kaupthing is entirely satisfied that the allegations against Kaupthing and Mr Jóhannsson have absolutely no basis in fact or in law and should never have been made.

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Twelfth KSFUK dividend - first announcement

Posted 30/09/2014 - 08:10 by anrigaut

2014-09-28 23

The first official notice re the intended Twelfth KSFUK dividend has just been published in the Gazette.

Last date for proving is 22 October 2014. Dividend to be declared within 2 months of last date for proving.

http://www.kaupthingsingers.co.uk/

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SFO settles with Robbie Tchenguiz

Posted 31/07/2014 - 10:40 by anrigaut

2014-07-30 23

The Serious Fraud Office has settled Robbie Tchenguiz's damages claim for wrongful arrest just days after it settled a related claim with his older brother Vincent.

The financial watchdog will pay £1.5m to settle claims brought by Mr Tcehnguiz junior, his property investment company R20, and his trustee, Rawlinson & Hunter Trustees.

The claims stem from his arrest and the dawn raid on his home in March 2011.

The raid related to an investigation into the collapse of Kaupthing, the Icelandic bank, and its British subsidiaries.

Mr Tchenguiz and his related companies have also been awarded costs, to be determined by the High Court. ...

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SFO to pay property developer Vincent Tchenguiz £6m over botched inquiry

Posted 26/07/2014 - 08:50 by anrigaut

2014-07-24 23

The property developer Vincent Tchenguiz will receive at least £6m and an apology from the Serious Fraud Office (SFO) following the collapse of an investigation against him two years ago.

The settlement for damages and costs relates to an investigation in to the troubled Icelandic bank Kaupthing, which went under during the 2008 banking crisis. Tchenguiz's brother Robert is still in talks over an agreement with the SFO and is continuing to pursue his claim for £100m in damages. ...

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Tchenguiz brothers: SFO arrest continues to hurt busines

Posted 08/04/2014 - 07:47 by anrigaut

2014-04-06 23

Robert and Vincent Tchenguiz, the Iranian property tycoons, have reported a “significant loss of business” due to their unlawful arrest by the Serious Fraud Office in connection with the collapse of Iceland’s Kaupthing Bank.

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The next round of litigation will take place in the High Court today and tomorrow, in front of Mr Justice Eder.

...

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Grant Thornton pair lose disclosure battle in Tchenguiz UK lawsuit

Posted 20/02/2014 - 20:12 by anrigaut

2014-02-20 (All day)

Two senior employees of UK auditor Grant Thornton, named in a legal battle between the Tchenguiz brothers and the Serious Fraud Office, have lost an appeal against a court order forcing them to hand over sensitive documents to the property moguls.

Grant Thornton was dragged into the spotlight in 2011 by Vincent and Robert Tchenguiz, who have brought a record 300 million pound ($500 million) damages claim against the SFO over a botched investigation into the circumstances surrounding the collapse of Icelandic bank Kaupthing in 2008. ...

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Hamstrung SFO not capable of holding bankers to account

Posted 17/12/2013 - 08:44 by anrigaut

2013-12-16 (All day)

Iceland has sent four former directors of its bank Kaupthing to prison for fraud. But the chances of similar legal action happening in the UK are low, where fraud investigators have a poor record. ...

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Victoria Chick: ‘The financial system has gone completely off the rails’

Posted 17/12/2013 - 08:21 by anrigaut

2013-12-10 (All day)

Where did the finance and banking sector go wrong … and what can we do to fix it?

Transforming Finance, a 23-minute documentary film produced by the Finance Innovation Lab, features interviews with a number of the most prominent advocates of change in the world of finance.
...
The film makes some very good points but, in my view, falls short. The following three things must also happen if finance is going to be reformed:

(1) More effective regulation
(2) The prosecution of financial criminals
(3) A radical overhaul of auditing

A host of other things also need to change, including politicians ceasing seeing their role as being to protect corrupt banks and bankers, and global structural reforms.

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