News

Three Turkish oil company executives fined £116m for market abuse – The Financial Services Authority (FSA) has fined Mehmet Sepil, the chief executive officer of Genel Enerji, a Turkish oil exploration company, £967,005 for dealing in the shares of UK listed Heritage Oil Plc (Heritage) on the basis of inside information. This is the largest […]

TI publishes papers on the Bribery Bill – Transparency International (TI) UK has published a paper entitled “Bribery Bill second reading – TI UK supports the Government’s Bribery Bill as drafted and urges Parliament to enact it before the general election”. The paper sets out TI’s views on the revised Bribery Bill. Read more: http://www.transparency.org.uk/publications

SEC charges General Re Corporation for its role in AIG and Prudential Accounting fraud – The US Securities and Exchange Commission (SEC) has issued a complaint against General Re Corporation (Gen Re) for its involvement in assisting American International Group (AIG) and Prudential Financial Inc. with setting up sham transactions to manipulate their financial statements. […]

The SFO has announced that managing director and shareholder of Alta Gas Plc, Peter Brian Bradley, has been ordered to pay £1 million compensation to victims following confiscation proceedings on 26 January 2010. In 2001, Alta Gas Plc went into administrative receivership which resulted in the receivers of the company discovering a sophisticated system of […]

The FSA has commenced criminal proceedings against four former directors, Patrick Cryne, Stephen Graham, Timothy Whiston and John Whelan of iSOFT Group Plc for the offence of conspiracy to make misleading statements, contrary to section 397 (1) (a) and (2) of the Financial Services and Markets Act 2000 and section 1 of the Criminal Law […]

Laundering in litigation Tuesday 16 February 2010 The provision of legal advice and the conduct of litigation are not covered by the Money Laundering Regulations 2007. The rationale for this exclusion is the protection of a person’s fundamental human right of access to justice. This does not mean, however, that such activities are free from […]

Consultation Paper No. 2 2010 – Register Of Recognized Auditors: Proposed Fees – Proposed Fees under part 16 of the Companies (Jersey) Law 1991 – issued 5 February 2010. The Companies (Amendment No. 4) (Jersey) Regulations 2009 (the “Regulations”)2 were made by the States on 3 December 2009. The primary reason for the Regulations is […]

The following extract is published in the Jersey annual Law and Accountancy Review. This publication taps into the expertise of specialists in both sectors to look at recent developments and to examine the continuing relationship between finance and the legal and accounting firms that support its increasingly complex activities. http://www.thisisjersey.com/jersey-evening-post/supplements/law-and-accountancy-review/ As the Jersey Financial Services […]