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It's not up to the SFA (SFO?) to say "big fine"
They build a case then try to persuade the DPP that they Do have a case. Then it goes to Court and the Jury decides whether guilty or not guilty.
This all takes time and unfortunately the SFO think they have all the time in the World and yahboo sucks to the small investor who they are ruining slowly but surely.
When they are proved wrong, they will shrug their shoulders and move on to their next victim, pausing only to check on the progress of their solid gold 100% safe pensions, paid for by the very people they are ruining.
Poker - good point about Wood buying Fosters, not my favourite lager, funnily enough, nobody in Oz has heard of them. Back to the plot, and US pond life seems to think that PFC shareholders (ie me and few others who have not lent their shares to sh**ters) r in a good place ! If SFA desist, sp will spike. If SFA say big fine, then sp will tank followed by inevitable bid and sp recovery, but to what level ? Pond life gleaned this wisdom by conversing with Sam Adams. Initially thought he meant the founding father of the USA but since found more likely a beer bottle of same name. Surprisingly good beer by US standards ...
PORKER,
i would not see my shares ever to halibubble
" but are holding back until SFA deliberations are known"
I would have thought they have a best estimate of what a likely outcome might be ...and Wood Group bought Amec Foster Wheeler with them under investigation and at the time said they would take it as it comes...
My2p - US pond life informs me that hostile suitors are desperate to get stuck in with pound so low against dollar but are holding back until SFA deliberations are known. Valuation seen as impossible until then. Keep hearing usual suspects mentioned (halliborange et al) but have heard these rumours since beginning of time.
does
What foes this all mean for PFC ? Anyone ?
The insight into the backdrop to the criminal inquiry came to light after Akle's lawyers argued that their client faced an unfair trial because of the SFO's behaviour.
Beddoe, who rejected Akle's application in January, noted there was no evidence that the SFO gave Tinsley any sensitive information or that Akle acted against his own interests.
UK fraud office launches review after judge says director fell for flattery
LONDON (Reuters) - The UK Serious Fraud Office (SFO) said on Monday it would launch a review after its head was rebuked by a London judge for being vulnerable to flattery from a freelance agent during a high-profile bribery investigation into oil consultancy Unaoil.
Judge Martin Beddoe said SFO head Lisa Osofsky and senior colleagues had "taken the bait" when an American agent acting for the prominent Ahsani family, which ran Unaoil, had promised to secure guilty pleas in the British investigation into other Unaoil managers.
The SFO should have had "nothing to do" with David Tinsley, who was not the lawyer of a defendant, or employed by a U.S. government agency, but was a "freelance agent who was patently acting only in the interests of the Ahsanis", he said.
"DT (David Tinsley) was not hesitant in flattering Ms Osofsky and talking up her talents, and unfortunately Ms Osofsky made herself vulnerable to them," Beddoe said.
The SFO said it accepted the criticisms and that a review was in hand, but stressed that the judge had found no evidence of bad faith or unlawful behaviour.
"A review will be conducted into this matter, and a protocol covering contact with non-legal representatives has been put in place," it added.
The judgment was made public on Monday after reporting restrictions were lifted on the convictions of two former Unaoil managers, Ziad Akle and Stephen Whiteley, after a London trial.
Tinsley established contact with Osofsky and other senior SFO staff around September 2018, saying he wanted to mend a frayed relationship between the SFO and FBI and "build something great", according to the judgment, after a bruising court battle in Italy in 2018 over who would prosecute Saman Ahsani.
Saman, Unaoil's former chief operating officer, and his brother Cyrus, the company's former chief executive, pleaded guilty in the United States last year.
On Feb. 4, 2019, Tinsley sent an article to Osofsky, a dual national British American and former FBI lawyer, with the message "mercy means valuing relationships over rules". Osofsky responded that the message was "inspiring", according to the judgment.
Beddoe said he was not sure what the expression meant and cautioned that he had not seen the full communications.
"...but if it is an invitation or excuse not to apply the rule of law before the application of mercy, I doubt that it has proper application to the work of the SFO," he said.
Tinsley, a retired U.S. drug enforcement (DEA) supervisory special agent who founded Miami-based investigative company 5 Stones Intelligences, said his comments had been taken out of context by Akle's lawyers.
They had been designed to show how moved he had been by Osofsky's "extraordinary kindness" to an SFO officer facing a challenging personal period, he said, adding that to suggest otherwise was "shameless".
The insight into the backdrop to the criminal inquiry came to light af
The SFO case has been going on much too long. The outcome is probably less relevant to PFC than it was. I would imagine that the next big thing for PFC will be an aggressive takeover attempt .
Background the what Ankle believed was going on
https://www.nsenergybusiness.com/features/unaoil-corruption-trial-ivan/
https://www.nsenergybusiness.com/news/unaoil-bribery-iraq-akle/
"Prosecutors said the defendants had conspired with others to pay bribes to public officials at the Iraqi South Oil Company and, in Al Jarah’s case, Iraqi Ministry of Oil representatives, to secure oil contracts for Unaoil and its clients."
“These men dishonestly and corruptly took advantage of a government reeling from dictatorship and occupation and trying to reconstruct a war-torn state,” said SFO head Lisa Osofsky following the verdicts against Akle and Whiteley. "
so......the public officials and the Iraqi Ministry of Oil representatives, Lisa..what exactly have you got to say about them, then ??
Llucan
Thanks - but I will put the proper Reuters link - I really dislike those news scalper sites
https://www.reuters.com/article/us-britain-unaoil-corruption/former-unaoil-managers-convicted-in-britain-of-iraq-bribery-idUSKCN24E1IQ
Strange outcome, clearly there is evidence some people knew whereas others didn't.
So it is possible that PFC will be using the we had no knowledge defence
2 found guilty 1 not.
https://yournews.com/2020/07/13/1728643/former-unaoil-managers-convicted-in-britain-of-iraq-bribery/