The U.K. Serious Fraud Office requested 19 million pounds ($32 million) in extra funding partly to cover penalties relating to wrongly reclaimed taxes by the agency, according to its director David Green.
It’s a Wednesday night in London, and Vincent Tchenguiz, the biggest owner of residential real estate units in the U.K., is getting wound up about the criminal case that paralyzed his business and threatened to land him in prison.
Richard Alderman, the director of the U.K.’s Serious Fraud Office, steps down today after a four- year term in which ambitious reforms to combat bribery were hampered by a dwindling budget and a depleted staff.
U.K. prosecutors plan to send as much as 30 million pounds ($45.7 million) from a BAE Systems Plc bribery-probe settlement to Tanzania, the country where officials took the payoffs, in an approach their U.S. counterparts reject.
After promising to clean up the U.K. Serious Fraud Office’s record of failures, the collapse of one of his own cases puts the agency’s director under more pressure than ever to score a victory in its Libor probe.
Allens Arthur Robinson, a 190-year- old Australian law firm, and Linklaters LLP, a London-based firm with 2,200 lawyers, agreed on an alliance to compete internationally with local firms that have grown after combining with foreign ones.