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Pin to quick picksBarclays Share News (BARC)

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Share Price: 202.35
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UK fraud head expects corporate plea deals, considers Libor charges

Tue, 25th Oct 2016 14:53

* SFO head David Green gives evidence to UK lawmakers

* Green says "significant" new DPAs on horizon

* Green says Serco probe looking at "different conduct"

By Kirstin Ridley

LONDON, Oct 25 (Reuters) - The UK Serious Fraud Office (SFO)expects to agree some "significant" corporate plea deals overthe coming months and is also considering filing more charges inthe Libor benchmark rate rigging investigation, its head said onTuesday.

The SFO's probe into alleged manipulation of benchmark ratessuch as Libor (London interbank offered rate), which began in2012, has so far resulted in five convictions and six acquittalsof individuals. Eight others face trial next year.

SFO director David Green told a parliamentary committee oflawmakers that there were also "some others" who it had todecide whether to charge.

Lawmakers asked whether the SFO had the resources to providea credible threat of prosecution if companies failed to reportthemselves to the authorities when they discover wrongdoing.

Green said he had spent four years speaking at leastfortnightly with businesses and lawyers explaining theincentives behind self-reporting, while building up the agency'sintelligence division.

"You will see over the coming months some significantdeferred prosecution agreements (DPAs)," he said.

DPAs, effective plea deals introduced in Britain in 2014,were a useful tool to encourage good corporate conduct, Greensaid, and were available to those who report wrongdoingpromptly, cooperate, grant authorities access to factualdocuments and assist in prosecuting individuals.

A judge approved Britain's first DPA in November in a casecentred on $6 million in bribes paid to Tanzanian officials bythe Tanzanian unit of South Africa's Standard Bank.

Tesco is among companies cooperating with acriminal inquiry into accounting practices, launched after thesupermarket chain said it overstated half year profits in August2014 by about 260 million pounds ($320 million).

Green also said a new line of inquiry had also been openedin a three-year inquiry into global outsourcing group Serco, launched after an audit alleged the government had beencharged for tagging criminals who were either dead or in prison.

The SFO head gave no further details on the Libor inquiry, aglobal investigation in which it has charged around 20.

Barclays, which has seen 10 former traders chargedfor alleged benchmark rigging and admitted in 2012 tolow-balling, or artificially lowering, rates during the creditcrisis, reiterated in its 2015 annual report that it continuedto respond to information requests as part of an SFO inquiry. (Editing by Alexander Smith)

More News
4 May 2024 08:37

Norway wealth fund to back Barclays CEO, chair at AGM

OSLO, May 4 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, one of the world's largest investors, supports the reappointment of Barclays CEO C.S. Venkatakrishnan and Chair Nigel Higgins to the British bank's board, the fund manager said on Saturday.

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3 May 2024 17:04

Ex-Odey portfolio manager Hanbury warns investors are 'buying blind'

LONDON, May 3 (Reuters) - Former Odey Asset Management (OAM) portfolio manager James Hanbury has said in a letter to investors that passive and systematic trading strategies have grown so much that those trading on company fundamentals might be hurt.

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2 May 2024 13:48

UK shareholder meetings calendar - next 7 days

Friday 3 May 
Ashoka India Equity Investment Trust PLCGM re share issue
HSBC Holdings PLCAGM
Intercontinental Hotels Group PLCAGM
Mondi PLCAGM
More Acquisitions PLCAGM
Monday 6 May 
no events scheduled 
Tuesday 7 May 
Caledonia Mining Corp PLCAGM
CPPGroup PLCAGM
Just Group PLCAGM
Macfarlane Group PLC AGM
Plus500 LtdAGM
Supernova Digital Assets PLCAGM
Wednesday 8 May 
Airea PLCAGM
Antofagasta PLCAGM
Aston Martin Lagonda Global Holdings PLCAGM
Deltex Medical Group PLCAGM
Direct Line Insurance Group PLCAGM
Fidelity European Trust PLCAGM
Haleon PLCAGM
Jardine Matheson PLCAGM
JZ Capital Partners LtdEGM re investing in a secondary fund
Oscillate PLCAGM
Pershing Square Holdings LtdAGM
Rentokil Initial PLCAGM
WPP PLCAGM
Thursday 9 May 
Ascential PLCAGM
BAE Systems PLCAGM
Balfour Beatty PLCAGM
Barclays PLCAGM
CAB Payments Holdings PLCAGM
Catenai PLCGM re convertible loan note
Clarkson PLCAGM
FBD Holdings PLCAGM
Genel Energy plcAGM
Gym Group PLCAGM
Harbour Energy PLCAGM
Hiscox LtdAGM
IMI PLCAGM
Inchcape PLCAGM
Indivior PLCAGM
John Wood Group PLCAGM
Jupiter Fund Management PLCAGM
Logistics Development Group PLCAGM
Man Group PLCAGM
Morgan Advanced Materials PLCAGM
OSB Group PLCAGM
Public Policy Holding Co IncAGM
Rathbones Group PLCAGM
RM PLCAGM
Spire Healthcare Group PLCAGM
Synthomer PLCAGM
Uniphar PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
1 May 2024 14:50

Barclays to cut jobs in investment banking - reports

(Sharecast News) - Barclays has reportedly kicked off a fresh round of redundancies, cutting "a few hundred roles" at its investment bank as it looks to tackle underperformers and reinvest in new talent.

Read more
30 Apr 2024 20:30

GM in talks with Barclays to replace Goldman Sachs in credit card partnership -source

NEW YORK April 29 (Reuters) -

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29 Apr 2024 10:02

LONDON BROKER RATINGS: Deutsche Bank likes Frasers; Barclays cuts JD

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

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26 Apr 2024 16:35

London close: Stocks buoyed by banking, mining positivity

(Sharecast News) - London's equity markets closed positively on Friday, buoyed by gains in the banking sector following better-than-expected results from NatWest.

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26 Apr 2024 16:19

European bank stocks at highest since 2015 after earnings boost

STOXX Europe 600 banks index highest since Oct. 2015

*

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26 Apr 2024 09:45

NatWest profit falls less than feared ahead of state escape

First-quarter profit down 27% in competitive market

*

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26 Apr 2024 09:33

LONDON BROKER RATINGS: Peel Hunt cuts ConvaTec to 'reduce'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

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25 Apr 2024 16:57

LONDON MARKET CLOSE: FTSE 100 shakes off red-hot US inflation gauge

(Alliance News) - London's FTSE 100 outperformed on Thursday, enjoying a solid rise on largely well-received corporate earnings and a share price jump for miner Anglo American after it received a takeover bid from peer BHP.

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25 Apr 2024 15:14

London close: Stocks finish mixed as US GDP growth slows

(Sharecast News) - London's stock markets finished with a mixed performance on Thursday, as investors digested a slower-than-expected GDP growth reading from the United States, while a slew of well-received earnings underpinned the top-flight index.

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25 Apr 2024 11:00

Where are Wall Street's analyst notes on Trump's Truth Social?

NEW YORK, April 25 (Reuters) - Trump Media & Technology Group is one of the most actively traded U.S. stocks, yet Wall Street's equity analysts are staying clear.

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25 Apr 2024 09:19

Barclays Q1 profit falls 12% as trading slump hits

Q1 profit of 2.3 bln pounds, just above forecasts

*

Read more
25 Apr 2024 08:36

TOP NEWS: Barclays first quarter profit falls but beats expectations

(Alliance News) - Barclays PLC on Thursday reported a fall in first quarter profits as a weak investment banking performance hindered performance.

Read more

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