Corporate Crime & Compliance UK

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Meet The Lawyers Tapped To Defend In Glencore Bribery Case

Six former Glencore employees, including the commodity giant's billionaire former head of oil, who have been charged with bribery by the Serious Fraud Office, have tapped an all-star list of the U.K.'s most experienced trial solicitors and barristers with a track record of prevailing against the white-collar agency.
October 03, 2024
Putin Seized Planes In Political Act, Insurers Say At UK Trial

A group of aviation insurers are fighting to limit potential payouts for aircraft stranded in Russia, telling a London court on Thursday that orders from Russian President Vladimir Putin kept hundreds of Western-owned planes from being returned to their lessors in a political act after sanctions were imposed.
October 03, 2024
Former Senior Accountant Jailed For £1M Council Fraud

A former council accountant has been jailed for defrauding a local authority out of nearly £1 million ($1.3 million) over two decades, according to the Crown Prosecution Service.
October 03, 2024
German Court Convicts Trio For Misleading EUIPO Invoices

A German court has convicted three individuals for sending fraudulent invoices to customers of the European Union Intellectual Property Office, a first-of-its-kind decision the agency said Thursday would make it easier to pursue similar claims in the future.
October 03, 2024
Cutrale Family Fails To Crush Orange Juice Cartel Claims

A London appeals court refused to strike over 1,300 claims from Brazilian orange farmers who allege the father and son at the helm of juice giant Cutrale participated in a price-fixing cartel, saying the family can defend the claims at trial by arguing they weren't brought in time.
October 03, 2024
EU Refers 4 Countries To Court Over Pillar 2 Delays

The European Commission said it was referring Cyprus, Poland, Portugal and Spain to the European Union's top court for missing the deadline to implement the global minimum corporate tax, known as Pillar Two.
October 03, 2024
FCA Charges 2 Brothers With Insider Dealing

The U.K.'s financial watchdog charged two men with insider dealing in London on Thursday over allegations they pocketed £110,000 ($144,230) by profiting off confidential information on oil and gas stocks over a four-year period.
October 03, 2024
New UK Anti-Fraud Law Could Fuel Prosecution Of Individuals

The new "failure to prevent fraud" offense that is likely to take effect in 2025 was written to target large companies that do not have internal controls to prevent such crime, but lawyers are warning clients that bosses will be expected to help pursue individual fraudsters
October 03, 2024
EU Finance Bodies Seek Clarity On Cybersecurity Compliance

Financial trade bodies across the European Union have urged regulators to clarify critical requirements under the Digital Operational Resilience Act, which is set to come into effect in January, saying they are not clear on how the cybersecurity legislation applies to them.
October 02, 2024
UK To Give Banks New Powers To Combat Fraudsters

The U.K. government said Thursday it is introducing new laws enabling banks to extend investigations of suspected fraudulent payments.
October 02, 2024
FCA Wins Appeal In $700M BlueCrest Investor Redress Case

The Financial Conduct Authority can resume its bid to impose a redress scheme of more than $700 million for investors of hedge fund BlueCrest Capital Management, an appeals court said Wednesday, ruling that a tribunal wrongly held that the regulator did not have that power.
October 02, 2024
Lawyers Fail To Overturn EU Ban On Legal Services To Russia

The European General Court on Wednesday dismissed an attempt by French and Belgian lawyers to overturn prohibitions on providing legal advice to Russia, clarifying that the ban only applies when the advice has no link to judicial proceedings.
October 02, 2024
AerCap Battles Insurers Over Stranded Jets As Trial Begins

There is "no scope" for major insurers to refuse billion-dollar claims for planes seized by Russian airlines, lawyers for major lessor Aercap told the High Court on Wednesday on the first day of a trial that is likely to be a test case for other claims.
October 02, 2024
Sheikh Can't Shake Enforcement Of Bros' $718M Inheritance

The son of an Emirati royal accused of embezzling more than $1 billion from his dead father cannot stop his brothers from seeking to enforce a UAE judgment in England that orders him to pay them about 2.6 billion dirham ($718 million) as part of their "legitimate share" of the inheritance.
October 02, 2024
Quinn Emanuel Says It Can't Give Source Of Deripaska Report

Quinn Emanuel Urquhart & Sullivan LLP told a court Wednesday that the source of a report suggesting that Russian industrialist Oleg Deripaska misled arbitrators during a dispute with a former business partner was privileged information.
October 02, 2024
FCA Fines Starling £29M For 'Shockingly Lax' Client Screening

The U.K.'s City watchdog said Wednesday that it has hit Starling Bank Ltd. with a £28.9 million ($38.4 million) fine over failures to screen for financial sanctions and for breaching a ban on opening accounts for high-risk clients.
October 01, 2024
Ireland Eyes Infrastructure With €14B From ECJ Apple Case

The Irish government is aiming to build infrastructure with the €14.1 billion ($15.6 billion) in corporate tax payments due from Apple Inc. following a European Court of Justice ruling that Ireland granted Apple illegal state aid, officials said Tuesday in announcing next year's budget.
October 01, 2024
Investors Settle Wirecard Fraud Case With Transfer Provider

Two businessmen have settled claims worth €33 million ($36.5 million) brought by investors who alleged the pair duped them into selling their stake in a money transfer provider for a pittance before the company was sold on to payments giant Wirecard for many times the price.
October 01, 2024
Ex-Police Officer Denies Seeking Probe Against NI Lawyers

A senior English police officer denied at a tribunal Tuesday of attempting to make Northern Ireland's legal regulator take action against journalists' legal counsel over litigation connected to his investigation into leaked information about alleged collusion by the local police with terrorists.
October 01, 2024
Stellantis Accuses Car Part Makers Of Cartel In €770M Trial

Peugeot and other car manufacturers told Britain's Competition Appeal Tribunal Tuesday that auto parts makers colluded to artificially drive up prices of car safety components, in the opening of a €770 million ($925 million) trial.
October 01, 2024
I Was Made A 'Fall Guy,' Sacked Post Office Chair Tells Inquiry

The former chairman of the Post Office told the inquiry into the Horizon accounting scandal on Tuesday that he was made a "fall guy" and sacked for raising concerns about the treatment of wrongly convicted branch managers.
October 01, 2024
UK's 1st Sanction Fine Fires Warning Shot, But A Muffled One

Britain's sanctions enforcer's recently imposed its first fine for a breach of Russia-related restrictions — a modest reminder that the watchdog will penalize companies that fail to understand black-letter regulations rather than the warning shot that lawyers had expected.
October 01, 2024
EU Markets Watchdog To Help Tighten Greenwashing Rules

The markets watchdog of the European Union said Tuesday that it will concentrate more on sustainable finance rules, and will develop tools to help national regulators address risks such as greenwashing.
September 30, 2024
Angola's Isabel Dos Santos Can't Shake £580M Asset Freeze

The daughter of Angola's former president lost her challenge to a £580 million ($775 million) asset freeze, after a London appeals court ruled Monday that a lower judge had used the correct test to find that telecoms operator Unitel SA has a good case against her.
September 30, 2024
German Lawyer Charged Over €428M Cum-Ex Fraud

A lawyer has been charged in Germany with several counts of "serious tax evasion" over his alleged role in a €428 million ($477 million) so-called cum-ex dividend tax fraud, a German court confirmed Monday.
September 30, 2024
Ex-Meghraj Boss Still Being Pursued Over £1.8M Pension Bill

The U.K.'s retirement watchdog said Monday that a former company director was still being pursued for payment into a staff pension scheme, more than a year after he was slapped with a £1.8 million ($2.4 million) bill.

Editor's Picks

NCA Ducks Litigation Risk In 1st Seizure Of Sanctioned Assets

The decision by the National Crime Agency to secure the forfeiture of the assets of a sanctioned Russian oligarch is a pragmatic victory that avoids the risk of setting a damaging legal precedent, lawyers say.
How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case

A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.
Starmer Could Crack Judicial Crisis, Former CPS Chiefs Say

Keir Starmer's lead in the polls as the general election in July approaches has sparked hopes among criminal justice advocates that the Labour leader — a former top prosecutor — will implement reforms as prime minister.

Expert Analysis

Insights From FRC's Report On Good Corporate Governance

Although the Financial Reporting Council’s recent report on private companies opting to follow the Wates principles has identified improvements, it is important for organizations to provide transparent disclosures and avoid boilerplate, tickbox filings, says Tessa Hastie at BCLP.
What To Know About The UK Overseas Funds Regime

The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
5 Cyber Risk Tips For Lawyers Contracting Cloud Services

With the U.K. government's recent announcement of a forthcoming cybersecurity bill, and the European Union's imminent deadline to transpose the second Network and Information Systems Directive into national law, it is important for in-house lawyers to be alive to potential risks when contracting for cloud services, say lawyers at Addleshaw Goddard.
Takeaways From SRA Consumer Protection Review

While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
Reflecting On 12 Months Of The EU Foreign Subsidy Regime

New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
The Road Ahead For Tokenized Investment Funds In The UK

With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.

Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
Integrating ESG Into Risk Management Programs

Amid increasing regulations and reporting requirements for corporate sustainability in the European Union and the U.S., companies might consider how to incorporate environmental, social and governance factors into more formalized risk management, say directors at Alvarez & Marsal.
The EU AI Act's Influence Around The World

Although the European Union's Artificial Intelligence Act's implementation will be staggered over the next six years, we are already witnessing its authority across the world, with legislators in other countries drawing inspiration from its sector-agnostic approach, say lawyers at Paul Weiss.
Lawyers' Role In Decarbonizing The Global Economy Is Vital

Businesses can future-proof themselves against climate risks by incorporating science-based language into legal documents, but lawyers must understand how their legal work intersects with advising on climate risks and decarbonization opportunities, says Humzah Khan at The Chancery Lane Project.
A Look At UK, EU And US Cartel Enforcement Trends

The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
Testing The Limits Of English Courts' Pro-Arbitration Stance

Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.
What Green Claims Directive Proposal Means For Businesses

With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
EU Merger Control Concerns Remain After ECJ Illumina Ruling

The recent European Court of Justice judgment in Illumina-Grail is a welcome check on the commission's power to review low-threshold transactions, but with uncertainty persisting under existing laws and discretion left to national regulators, many pitfalls in European Union merger control remain, says Matthew Hall at McGuireWoods.
£43M Legal Bill Case Shows Courts' View On Exchange Rates

A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.