Guardian

HBOS heat turns on head of new City regulator John Griffith-Jones

Posted 11/04/2013 - 08:40 by anrigaut

2013-04-09 23

The fomer head of accountants KPMG, John Griffith-Jones, has been dragged into the HBOS furore as questions are asked about his suitability to head the City's new regulator given the auditor's role at the failed bank.

...

The accountancy profession's regulator, the Financial Reporting Council, also confirmed that it is considering an investigation into KPMG following last week's scathing banking standards commission report into HBOS and an upcoming Financial Services Authority inquiry. The FRC said it would "consider the commission and FSA reports to identify whether there is a case for an investigation under our powers".

Its scrutiny of the role of KPMG at HBOS may be pre-empted by the Tyrie commission's final report. It will contain a chapter on the tax experts, auditors and accountants and their role in banking. The report is expected to be published next month and could also address the audit work of Deloitte at Royal Bank of Scotland. ...

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Conspiracy of Kaupthing Chairman

Posted 19/03/2013 - 22:13 by penzance30

2013-03-18 23
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Serious Fraud Office denies dropping its inquiry into Robert Tchenguiz

Posted 03/10/2012 - 20:36 by anrigaut

2012-09-15 23

The Serious Fraud Office has denied that it is poised to abandon its investigation into Robert Tchenguiz, despite releasing the property magnate from his bail conditions late last week.

The SFO insisted on Sunday that the case remains live and ongoing, and dismissed as "speculation" reports that it would soon drop the whole inquiry. It also confirmed that it is not renewing bail conditions for Tchenguiz or the two other remaining suspects in its three-year investigation into the collapse of the Icelandic bank Kaupthing. ...

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Banned Kaupthing directors could run a bank again in 16 months

Posted 26/06/2012 - 13:22 by anrigaut

2012-06-25 23

"The senior management of the UK arm of the collapsed Iceland bank Kaupthing could start to run a bank again in 16 months time, once a ban imposed by the Financial Services Authority runs out.

Following an investigation into the way the operation managed its financial affairs, the City regulator said the three former directors had agreed not to work for five years from the date the UK arm, Kaupthing Singer and Friedlander Limited (KSFL), was placed into administration on 2 October 2008. This suggests they have just 16 months left of the ban left.

The FSA said that it had not found any regulatory breaches against the three – Sigurdur Einarsson, the former non-executive chairman, Hreidar Mar Sigurdsson, former non-executive director and Armann Thorvaldsson, the former chief executive – but that they had agreed not to hold any "significant influence function" for five years from the collapse.

The three, though, would have to reapply to the FSA which would then determine whether to grant them the necessary authorisations to start holding a top role in a bank again.

The FSA's decision notice found that the UK bank breached its rules requiring business to be conducted with "due skill care and diligence" over the way it handled an agreement with its parent company in Iceland which could transfer £1bn to it at short notice over a four day period in the autumn of 2008.
... "

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Serious Fraud Office drops 15-month investigation into Vincent Tchenguiz

Posted 19/06/2012 - 09:03 by anrigaut

2012-06-17 23

"The Serious Fraud Office has abandoned its investigation into the Mayfair property tycoon Vincent Tchenguiz 15 months after investigators raided his home and offices using a flawed search warrant as part of the SFO's biggest inquiry in almost a decade.

The move comes after the agency admitted in February that its original warrant in relation to Vincent Tchenguiz had been "inadvertently miscast" and should be quashed. A parallel inquiry continues into suspected corruption involving Vincent's brother Robert Tchenguiz and senior figures at the now-failed Icelandic bank Kaupthing. .... "

See also http://www.government-online.net/sfo-drops-corruption-investigation-into...

"In an unusual step this review [by the SFO] was made public last month during a judicial review of the SFO’s actions brought by the brothers. The judgment is still awaited."

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Serious Fraud Office chief calls on judges not to throw out Tchenguiz case

Posted 23/05/2012 - 20:11 by anrigaut

2012-05-22 23

The new director of the Serious Fraud Office, David Green, has sought to reassert control over the agency's troubled investigation into the failed Icelandic bank Kaupthing and two of its largest clients, Mayfair property tycoons Robert and Vincent Tchenguiz.

He has asked the two judges hearing a judicial review into the investigation to dismiss calls for them to throw out the case, insisting there remain good reasons to press ahead – despite profound errors of understanding, admitted by the SFO.
...

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SFO may decide to drop Tchenguiz case

Posted 22/05/2012 - 20:45 by anrigaut

2012-05-21 23

"The new boss of the Serious Fraud Office has promised to consider dropping an investigation into Mayfair property tycoon Vincent Tchenguiz, who alongside his brother Robert is a suspect in a corruption and fraud investigation into the UK affairs of Icelandic bank Kaupthing before its failure three and a half years ago.

The unprecedented public pledge by SFO director David Green QC to conduct an "urgent review" was made in a letter sent on the eve of a judicial review brought by the brothers at the high court in London, which started on Tuesday.Green only took charge of the embattled agency last month. ... "

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Designer Karen Millen aims to bounce back from Icelandic banking crash

Posted 18/03/2012 - 18:18 by anrigaut

2012-03-18 (All day)

"Four years ago the designer Karen Millen was one half of high street fashion's most powerful couple, with combined interests in Oasis, All Saints, Whistles, Ghost, House of Fraser, French Connection and Principles. But then, almost overnight, she and her ex-husband Kevin Stanford lost it all in the Icelandic banking crash.

Now the two entrepreneurs, who divorced in 2001 but kept many of their business interests closely intertwined, are pursuing a series of legal claims against the estate of Kaupthing bank, which went bust in October 2008. Sums sought exceed £500m.

"I will not rest until I have my company completely restored to me," said Millen, speaking for the first time after meeting Icelandic investigators earlier this month.

She said she was shocked to see Kaupthing at the heart of several fraud investigations after the bank was accused of covering up spiralling financial problems in the months before its collapse by hiding toxic investments and manipulating shares. "In my opinion, it is quite wrong that a bank can pretend to have money and security which it doesn't have, generate a false balance sheet and use its own customers to fund acquisition ambitions. ..."

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Iceland's former premier denies criminal negligence over banking crisis

Posted 08/06/2011 - 07:27 by KrapthingSwindl...

2011-06-07 22

Iceland's Geir Haarde becomes first world leader to face charges in relation to the global financial crisis

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Hector Sants resigns as FSA Boss

Posted 09/02/2010 - 22:26 by Alastair

2010-02-09 (All day)

Hector Sants resigns as FSA boss•
City regulator thrown into chaos as chief executive quits
Conservatives have said they will close the watchdog

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