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Share Price: 170.40
Bid: 168.70
Ask: 168.80
Change: 0.10 (0.06%)
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Open: 170.80
High: 171.20
Low: 167.80
Prev. Close: 170.30
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'Grim day' for UK fraud office as third Unaoil conviction quashed

Thu, 21st Jul 2022 16:20

LONDON, July 21 (Reuters) - Failings at Britain's Serious Fraud Office (SFO) were in the spotlight on Thursday as a government-ordered review laid bare the agency's missteps in a high-profile bribery case as a London court simultaneously quashed a third criminal conviction.

Former High Court judge David Calvert-Smith, appointed to review the agency after its Unaoil bribery case started unravelling last year, said serious problems at the top of the SFO must never be allowed to reoccur.

Piling fresh pressure on SFO Director Lisa Osofsky, they included a failure to properly record meetings, the use of personal mobile phones, disclosure failures and distrust between senior management and the case team, amplified by the impression that a U.S. fixer had the "seal of approval" from the director.

"There is ... a category of decisions and events that, in hindsight, can be seen to have caused problems which should be clearly managed and not repeated in the future," Calvert-Smith said.

In what was described as a "grim day" for the SFO by Susan Hawley, executive director at pressure group Spotlight on Corruption, a second review into last year's collapse of a trial of former Serco executives over prisoner-tagging contracts after disclosure errors was published simultaneously.

Osofsky said the reviews made a "sobering read".

But she added: "I am determined to ensure these reviews help us to move forward with clarity and confidence."

Attorney General Suella Braverman ordered the review after a London court overturned the first Unaoil conviction last year. Senior judges ruled that disclosure failures and "wholly inappropriate" contact between top SFO officers and an American fixer had rendered the trial unfair.

Braverman said she would closely monitor the SFO and update parliament in November and next February.

Meanwhile, the Court of Appeal on Thursday quashed a third conviction in the Unaoil case, which turned on how oil contracts were secured in post-occupation Iraq.

Aziz Rahman, a senior partner at law firm Rahman Ravelli, said it remained to be seen whether the report's conclusions were damaging enough to lead to structural change at the agency.

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LONDON BRIEFING: Lower open ahead of BoE, ECB; Currys swings to loss

(Alliance News) - Stock prices in London are set to open lower on Thursday, after the US Federal Reserve raised interest rates as expected and ahead of three more central bank decisions.

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15 Dec 2022 07:28

Serco lifts revenue, profit guidance

(Sharecast News) - UK government outsourcer Serco lifted 2022 revenue guidance slightly, adding that revenue the following year would increase.

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5 Dec 2022 17:11

Serco "systemic failures" led to fatal attack on custody officer

(Alliance News) - The "serious and systemic failures" of courts security contractor Serco Group PLC led to a mentally ill prisoner kicking a custody officer to death, a court had heard.

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28 Nov 2022 22:09

DIRECTOR DEALINGS: Serco CEO Soames sells GBP3.2 million in shares

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Monday and not separately reported by Alliance News:

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28 Nov 2022 15:54

Director dealings: Outgoing Serco CEO lowers stake

(Sharecast News) - Serco revealed on Monday that outgoing chief executive Rupert Soames had disposed of 1.88m ordinary shares in the FTSE 250-listed contractor.

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16 Nov 2022 10:41

Serco wins GBP200 million follow-on contract with Royal Navy

(Alliance News) - Serco Group PLC on Wednesday said was awarded a contract by the UK Ministry of Defence to continue providing marine services to the Royal Navy.

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16 Nov 2022 08:01

Serco wins £200m Royal Navy support contract

(Sharecast News) - UK government outsourcer Serco said it had won a Royal Nay marine services contract worth £200m.

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9 Nov 2022 22:13

DIRECTOR DEALINGS: Serco CEO sells 1.9 million shares; LBG CEO buys

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Wednesday and not separately reported by Alliance News:

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9 Nov 2022 13:10

Director dealings: Serco's Soames offloads £3m of his shareholding

(Sharecast News) - Outsourcing giant Serco disclosed a sale worth more than £3m on Wednesday, made by its outgoing chairman Rupert Soames.

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Serco to lose Caledonian Sleeper contract next year

(Alliance News) - Serco Group PLC's contract running the Caledonian Sleeper will end in June of next year, the Scottish Government has said.

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