London Couple’s Cash Trail Led Crime Agency to Azeri Laundromat
Jonathan Browning, 14 July 2021
When U.K. authorities began investigating wealth belonging to a politically-connected Azerbaijani family, their suspicions were triggered by a raft of “brass plate” companies that funneled more than double the amount of the couple’s stated income.
Almost 14 million pounds ($19.3 million) was routed into British bank accounts controlled by Suleyman Javadov, the son of a former deputy energy minister, and his wife. Among the 21 companies that moved their wealth was Rovers Production and Tourism Ltd., which chartered a private jet to fly female models to the Spanish party island of Ibiza. Another firm’s accounts were managed by an individual who appeared to be a dentist living in Belgium. Continue reading “Article: London Couple’s Cash Trail Led Crime Agency to Azeri Laundromat”
U.K. To Investigate Audits Into Greensill and Gupta’s Bank
Jonathan Browning, 28 June 2021
The U.K.’s audit regulator has begun investigations into the auditors for Greensill Capital and Sanjeev Gupta’s Wyelands Bank following the collapse of the trade finance specialist.
The Financial Reporting Council will probe Saffery Champness for its audit of Greensill’s 2019 accounts and will separately look at PricewaterhouseCoopers LLP, which audited Wyelands Bank. The investigations will be conducted by the regulator’s enforcement division, it said Monday. Continue reading “Article: U.K. To Investigate Audits Into Greensill and Gupta’s Bank”
Tory Party Donor Accused of Hiding Emails In Qatar Fight
Jonathan Browning and Gavin Finch, 23 June 2021
The Qatari government accused financier David Rowland and his son of “brazenly” hiding evidence as it sought to escalate its legal dispute with Banque Havilland over its alleged role in an economic attack on the country.
Lawyers for the Qataris said that U.K. Conservative Party backer David Rowland, who controlled the bank, and Edmund, who was a director at the firm, intended to conceal emails after questions arose about the private bank’s alleged role in leading a financial attack against Qatar in the fall of 2017. Continue reading “Article: Tory Party Donor Accused of Hiding Emails In Qatar Fight”
HSBC’s ‘Rotten’ Traders Accused of Gaining From Secret Info
Jonathan Browning, 14 June 2021
HSBC Holdings Plc faced accusations from an ex-client that its “rotten” traders used confidential information to make a profit, at the start of a London trial examining allegations of front running at the bank’s foreign exchange desk over 15 years ago.
The bank’s currency team deliberately traded ahead of client orders during a period far earlier than HSBC has previously admitted to, currency investment firm ECU Group Plc said. HSBC dismissed the claims as “incredibly stale.” Continue reading “Article: HSBC’s ‘Rotten’ Traders Accused of Gaining From Secret Info”
JPMorgan Traders Fired in Spoofing Probes Sue Bank in N.Y., U.K.
Jonathan Browning, 14 April 2021
Ex-JPMorgan Chase & Co. traders who were fired in connection with recent U.S. Justice Department inquiries into market manipulation have a message for their former employers: give us our jobs back.
In separate lawsuits in London and New York, two of the bank’s former traders are saying they were unfairly dismissed and are asking to be reinstated. Both men had proximity to spoofing tactics that wound up being prosecuted by U.S. authorities but neither was charged. They both maintain they did not engage in the manipulative conduct themselves.
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