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Share Price Information for Serco (SRP)

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Share Price: 175.80
Bid: 175.60
Ask: 175.80
Change: -6.30 (-3.46%)
Spread: 0.20 (0.114%)
Open: 179.40
High: 181.70
Low: 175.60
Prev. Close: 182.10
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Miner ENRC rounds on UK's SFO, Dechert in London court battle

Mon, 24th May 2021 10:28

By Kirstin Ridley

LONDON, May 24 (Reuters) - ENRC, a Kazakh mining company at
the centre of one of Britain's longest corruption
investigations, on Monday opens its case against its former
lawyer and the UK Serious Fraud Office (SFO), seeking damages
over allegations of serious wrongdoing.

In a highly anticipated London High Court trial, Eurasian
Natural Resources Company (ENRC) alleges that law firm Dechert
and its former partner, Neil Gerrard - hired to carry out an
internal investigation into a whistleblowing report - disclosed
privileged and confidential information to the SFO.

Former SFO director Richard Alderman was "desperate" to nail
a high-profile corporate suspect in 2011 and Gerrard wanted to
milk ENRC for vast fees by expanding the scope of his internal
investigation, that at times employed more than 50 Dechert fee
earners, ENRC alleges in documents filed with the court.

Dechert and Gerrard dismiss the allegations as "an elaborate
work of fiction". The SFO, which has faced particularly
stinging criticism over the collapse of a prosecution last
month, rejects all claims against former senior staff as
"hopeless", according to court filings.

Both sides will lay out their defence in court later this
week.

The SFO opened a criminal investigation into ENRC in 2013
over allegations of fraud, bribery and corruption surrounding
the acquisition of mineral assets in Africa - five months before
ENRC crashed out of London's blue-chip index.

No charges have been brought against the company or current
or former officers.

Alderman, who stepped down from the SFO in 2012, former
interim director Mark Thompson and David Green, who held the
reins for six years, are among those who have been called to
testify in the 11-week trial - one of a string of lawsuits filed
by ENRC since the eight-year investigation began.

Co-founded by three billionaire Kazakh businessmen and the
Kazakh government, ENRC alleges Gerrard used close SFO contacts
as "personal confidants" when disclosing information, breaching
his contract and fiduciary duty to ENRC, and leaked privileged
material to newspapers.

ENRC, which alleges the SFO incited and encouraged Gerrard's
conduct, accuses the investigator and prosecutor of misfeasance
in public office and is seeking public vindication and damages
for "very significant losses".

($1 = 0.7048 pounds)
(Reporting by Kirstin Ridley; Editing by Kirsten Donovan)

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