Law & Accountancy

Featured Law & Accountancy

NMC founder sues EY, banks and execs for $8 bln over alleged fraud

B.R. Shetty, the founder of stricken UAE hospital operator NMC Health, has sued auditor EY, two former top executives of his companies and two banks in a U.S. court, seeking $8 billion in damages for an alleged multibillion-dollar fraud at his group. EY said in a statement: “We believe this… Read More

The Bribery Act has raised corporate standards

Legislation to streamline the UK’s anti-corruption laws and sweep away a myriad of disparate archaic offences was introduced by the coalition government in 2010. But in the week when fraud investigators have struck two more deferred prosecution agreements with corporations, views are mixed as to whether the Bribery Act… Read More

Australian accountants, lawyers being recruited by crime bosses: corruption watchdog

Accountants, lawyers and real estate agents are being lured to the “dark side” by organised crime bosses. Crime and Corruption Commission chair Alan MacSporran said he had hoped high-profile charges in recent years against individual lawyers would be a significant deterrent to others against wrongdoing. But Mr MacSporran said it… Read More
16th July 2021
Documents submitted to an arbitration procedure in Israel on behalf of Israeli mining magnate Dan Gertler implicate him in paying as much as $360 million in bribes to officials in the Democratic Republic of Congo, going by a request for legal assistance that Britain’s Serious Fraud Office passed to the… Read More
13th July 2021
When President Biden signed Executive Order (E.O.) 14024 in April, there were likely more than a few eyebrows raised within the compliance community. For one, the order, which authorized the imposition of sanctions on Russian interests for “specified harmful foreign activities”, marked a departure from the previous administration’s response to the alleged… Read More
13th July 2021
A Penang Umno leader has been charged at the sessions court here with 106 counts of money laundering amounting to over RM11 million in cash, stocks and property as ‘gifts’ received from various companies. Bayan Baru Umno chief Mansor Musa was charged with receiving kickbacks between Sept 2011 and Aug… Read More
12th July 2021
Malaysia’s government and state fund 1Malaysia Development Berhad (1MDB) are seeking over $5.6 billion in damages from KPMG partners for alleged breaches and negligence linked to a corruption scandal at the fund, court documents seen by Reuters showed. Audit firm KPMG on Friday denied the allegations and pledged to “vigorously”… Read More
30th June 2021
A former senior partner has been jailed for four years after defrauding his firm out of a total of £2.3m. Andrew Davies, 59, paid personal invoices to himself from the business and also under-declared £1.1m in stamp duty land tax to HMRC over nine years. Davies pleaded guilty to one… Read More
29th June 2021
A French court on Monday rejected a challenge filed by Swiss bank UBS linked to constitutional aspects of its French tax case, confirming that judges would rule on the lender’s appeal against a 4.5 billion euro ($5.36 billion) fine on Sept. 27. UBS is looking to overturn a 2019 French… Read More
29th June 2021
A deal that gave one of the wealthiest families in Africa a lucrative stake in a large Portuguese energy company could be a step closer to dissolution, following a new ruling from a Dutch court. The ruling validates a damning report from a court-appointed director of Esperaza Holding BV,… Read More
28th June 2021
The Financial Action Task Force (FATF) on Friday added Malta, Haiti, South Sudan and the Philippines to its list of jurisdictions requiring increased monitoring for their shortcomings in meeting international standards on fighting money laundering and terrorist financing. As part of the designations, the jurisdictions agreed… Read More
25th June 2021
Late M&A banker Jean-Marc Forneri’s Swiss lawyer and wealth manager were found guilty of helping him conceal assets and dodge taxes in a French crackdown on those who facilitate financial crime. The Swiss lawyer, John Metzger, was given an 18-month suspended sentence and a fine of 300,000 euros ($359,000) by… Read More
24th June 2021
Members of a global anti-money laundering watchdog have voted to add Malta to its grey list, in a decision that could have serious negative repercussions on the country’s economy. The Financial Action Task Force (FATF) plenary came to the decision shortly after 2.30pm on Wednesday afternoon. Although no official announcement… Read More