Fraud

Price Waterhouse banned from Indian Audits

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PwC found negligent by US judge over Colonial Bank’s $2bn fraud

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“The Huge Costs Of Bribery”

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Source: Rahman Ravelli Solicitors via mondaq.com 8 September 2017

“We may not always know the extent of bribery or who is involved in it. But we can safely assume it is going on.

A European Parliament-commissioned report last year concluded that corruption costs the EU up to 990 billion euros a year; which gives some idea of the scale of bribery.

What many in business may be unaware of is the damage that bribery can bring to their companies, directly or indirectly. There are those in business who, despite the tight restrictions imposed by the UK’s Bribery Act, maintain that bribery is an essential tool for “greasing the wheels” when it comes to trading in certain countries.

The fact that the Bribery Act carries unlimited fines, up to ten years in prison and can lead to assets being confiscated after a conviction should be enough of a deterrent to those who still see bribery as an everyday part of doing deals. But if it is not, let’s look at the case of Petrofac.”

Source article here

 

 

“Barclays Bank and Four Former Bosses Face Fraud Trial”

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Source: occrp.org, 18 July 2017

“Barclays Bank and four of its ex-directors will stand trial for the fraudulent fundraising of £11.8 billion (US$ 21.9 billion) from Qatar in the wake of the financial crash, a London Crown Court heard Monday.

After a five-year investigation, the Serious Fraud Office (SFO) last month charged Barclays, its former CEO John Varley and three other ex-chiefs – Roger Jenkins, Tom Kalaris and Richard Boath – with conspiracy to commit fraud by false representation.

Barclays has been facing a string of controversies in recent years. In December, the US sued the bank for a mortgage fraud scheme. In May 2015, it was fined £1.53 billion (US$ 2.35 billion) for rigging the foreign exchange market. And this May, chief executive Jes Staley was forced to apologize after attempting to unmask a whistleblower.

“Taking on Barclays, one of the largest banks in the world, and its most senior officials who literally were at the very top, sends a very strong message that the SFO is now fearless in terms of the companies and individuals it pursues,” Sarah Wallace from the regulatory and investigations wing of law firm Irwin Mitchell told the Guardian.”

Source article here

 

EU Citizens pay for Misused or Non-Existent ‘Ghost’ Offices

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Source: Organised Crime and Corruption Project 31 May 2017

Hundreds of members of the European Parliament are potentially misusing EU funds meant to pay for offices in their home country, but at least 249 of these offices either do not exist or are nowhere to be found, according to an investigation by ‘Journalists of the MEPs Project’ published Wednesday.

 Each month MEPs are given a tax-free lump sum of €4,342, called the General Expenditure Allowance (GEA). The fund costs the EU around €40 million annually and is meant to provide MEPs with national offices that, among other things, should keep them in touch with citizens.

The series of investigations across all 28 members states, however, found that in 249 cases MEPs either said they have no offices, refused to reveal their addresses, or the locations could not otherwise be tracked.

Source article here