The UK Serious Fraud Office (SFO) has updated a webpage on its case relating to Sustainable Agroenergy plc and Sustainable Wealth Investments UK Ltd. These are the first charges to be brought by the SFO under the Bribery Act.
The SFO is investigating the activities of these and associated companies in connection with selling bio-fuel investment products involving Jatropha tree plantations in South East Asia. Webpage.
On August 13, the Serious Fraud Office (SFO) published a press release announcing that three people involved in a £10 million ponzi scheme have been convicted at Bradford Crown Court. Two other defendants were acquitted of charges of money laundering. Press Release.
The three people were trading as Gilher Inc. and targeted UK investors and ex-pats in Majorca. Mr. John Hirst had pleaded guilty to conspiracy to defraud and two counts of money laundering. Mr. Richard Pollett was found guilty of conspiracy to defraud, and Ms. Linda Hirst was found guilty of three counts of money laundering and evading a liability by deception. All individuals (excluding Mr. Pollett) had been charged in 2011.
Sentencing will take place on August 31, with confiscation and compensation proceedings to follow later.
On July 30, the Serious Fraud Office (“SFO”) published a press release stating that the Director of the Serious Fraud Office, David Green QC, is satisfied that existing criminal offences are capable of covering conduct relating to the alleged manipulation of LIBOR and related interest rates. Press Release.
On July 2, the Serious Fraud Office (SFO) published a press release regarding the manipulation of the setting of the London Interbank Offered Rate (LIBOR). Press release.
In the press release, the SFO stated that it had been working closely with the FSA and now that the FSA has concluded its investigation into the regulatory misbehaviour, the SFO is considering whether it is both appropriate and possible to bring criminal prosecutions.
The SFO hopes to come to a conclusion regarding possible criminal prosecutions within a month. It is also working with the relevant authorities that are carrying out equivalent investigations in other jurisdictions.
On July 2, a statement made by George Osborne, Chancellor of the Exchequer on LIBOR and related reforms concerning the banking sector was also published. This included an initiative to establish a joint committee to conduct an inquiry into professional standards in the banking industry. Statement.
