Bark & Co Solicitors London: Deferred Prosecution Agreements

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Post on 09-May-2015

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Pressbox (Press Release) - The director of the Serious Fraud Office (SFO) and the Solicitor General, Edward Garnier QC, have recently made no secret of the fact that they consider the criminal justice system to be incapable of dealing with corporate prosecutions in a way that refects commercial realities. The blunt impact of a prosecution of a company has the impact of damaging innocent parties including employees, shareholders and creditors. Garnier cited the cautionary example of the ill-effects of prosecution caused to Arthur Andersen, eventually acquitted on charges of obstruction of justice by the US Supreme Court, many years after the allegations had destroyed the company. US prosecutors have a tool at their disposal, the deferred prosecution agreement (DPA), which is being touted as a viable alternative to the present options of either prosecution or civil recovery. Much of the impetus for the reform has been caused by the difficulties faced by the SFO when they sought to prosecute Innospec. The SFO effectively had already agreed with the company, pre-sentencing, the nature of the sentence in return for a guilty plea. This was criticized by Thomas LJ who reminded the SFO that it is for the Judge to determine sentence at his discretion and especially that any plea must be rigorously scrutinized in open court.

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  • 1.& Co Solicitors London UBS 1.4bn fraud accused Kweku Adoboli granted bail, Bark & Co London news. A City trader accused of gambling away a record 1.4 billion in a banking fraud has been granted bail. Kweku Adoboli, 32, from Clark Street, Whitechapel, east London, is accused of losing the money while working for Swiss banking giant UBS. He denied two counts of fraud and two counts of false accounting at an earlier hearing but was remanded in custody. Today after a bail hearing held behind closed doors at Southwark Crown Court,Bark & Co Solicitorsreports, Adoboli was granted bail on the condition that he must reside at a friends house and abide by a curfew enforced using an electronic tag.

2. UBS rogue trader KwekuAdoboli to be bailedA City trader accused of a 1.4bn ($2.2bn) fraud at the London offices of Swiss bankinggiant UBS is to be freed from Wandsworth Prison on bail.Kweku Adoboli, 32, will bereleased on Monday with an electronic tag ahead of his trial in September, a bailhearing at Southwark Crown Court heard.He was delighted by the decision, his lawyer Giles Bark-Jones said.The trader, who was arrested in September last year, denies two charges of falseaccounting and two of fraud.Mr Bark-Jones told the BBC and Bark & Co Solicitors: Our client is both emotional anddelighted at the outcome of todays bail hearing. He looks forward to working on hiscase at our London offices.Mr Adoboli, of Clark Street, east London, is accused of unauthorised trading whileworking for UBSs global synthetic equities division, where he bought and soldexchange traded funds. 3. Mr Kweku Adoboli Granted Bail, Bark & Co SolicitorsMr Kweku Adoboli was today granted bail after anews. London successful bail application at SouthwarkCrown Court. Mr Tim Harris, Solicitor on this matter said his client was delighted, veryemotional and would like to thank all his family and friends for their support. Mr Adoboliis due to be released from Wandsworth prison on Monday pending the bail terms beingsatisfied.Mr Bark-Jones, partner at Bark & Co Solicitors said Our client is both emotional anddelighted at the outcome of todays bail hearing. He looks forward to working on his caseat our London offices. 4. Abbey Forwarding v RichardHonethe High Court, Bark & Co successfully defended the former directorsIn a two week trial inand Others, Bark & Co Solicitors reports.of Abbey Forwarding Limited in the High Court in an action brought by the liquidator of thecompany against them for breach of fiduciary duty.Abbey Forwarding Limited was a reputable and established bonded warehouse whichoperated from premises in east London from 1971 until the beginning of 2009. In Februaryof 2009 Her Majestys Revenue & Customs (HMRC) raised assessments against thecompany for approximately 6 million and at an ex parte hearing successfully applied tohave the company placed into provisional liquidation on the basis that the company hadactively participated in diversion fraud.The HMRC appointed liquidator immediately brought proceedings against the directors forbreach of fiduciary duty alleging fraud against 3 of the directors. The basis for the claim andprovisional liquidation by HMRC was that the directors fraudulently, or in the alternativenegligently, allowed loads of duty suspended alcohol to be illegally diverted and sold ontothe UK market.The claim was dismissed in its entirety. In his judgement Mr Justice Lewison determinedthat not only was there insufficient evidence of any fraudulent behaviour on the part of thedirectors, but that the loads of alcohol had in fact reached their destinations and there wasinsufficient evidence to show any fraudulent diversion at all. The directors were fullyexonerated and the liquidator was ordered to pay damages to the directors as well as theircosts. 5. Bark & Co Solicitors London News: HMRC Crackdown on Offshore AccountsIt has recently come to our attention that two Britons have been arrested on suspicion ofusing Swiss Bank accounts held with HSBC to evade UK taxes. This could lead to the firstcriminal prosecutions in a three year clampdown on offshore tax evasion by HMRC.According to our source, HMRC made the arrests late last year and both individuals havebeen released on bail pending charges. These arrests are thought to have resulted fromthe review of the information stolen from HSBCs private bank in Zurich by HerveFalciani, a French software engineer, which contained account information pertaining to6,600 accounts held by UK residents.This significant development once again underlines HMRCs desire to stamp out taxevasion linked to funds retained in offshore accounts and signals a hardening of HMRCsattitude. News of these arrests may counter the concerted criticism of HMRCs crackdownon tax evasion. Some commentators have accused the taxman of shying away frommounting criminal prosecutions and the deterrent message that they convey to the tax-paying population. We will of course keep you updated on this development. 6. In a similar vein, news reached us yesterday that the whistle-blowing website WikiLeakshas been provided with a raft of information concerning 2,000 wealthy individuals andcorporations that held accounts with Bank Julius Baer in the British Virgin Islands taxhaven. Rudolf Elmer, who was previously employed by Julius Baer to oversee the Caribbeanoperations of the Swiss Bank for eight years until he was dismissed in 2002, handed overthe discs to WikiLeaks founder Julian Assange during a press conference. Mr Assange haspromised to publish the details once the information has been verified.WLH understands that WikiLeaks is taking legal advice on what information they canrelease, but it is likely that the website will not hold back as evidenced during previous highprofile leaks.Rudolf Elmer is currently standing trial accused of coercion and breaching banking secrecylaws in Switzerland and his motive in supplying this information is to expose mass potentialtax evasion. He told the Observer newspaper last weekend that those named in thedocuments come from the US, Britain, Germany, Austria and Asia, and include businesspeople, politicians, people who make their living in the arts and multinational companies-from both sides of the Atlantic. It is unclear whether HMRC has been passed thisinformation, however it is clear that the taxman will be monitoring developments veryclosely. It is also likely that those individuals who might be affected and have tax issuesstemming from the ownership of such accounts may be seeking urgent professional advice.This development reinforces the message that if you have an undeclared offshore account,then you should come forward voluntarily and resolve the issue before HMRC comescalling. It is no longer an option to bury your head in the sand and hope it will all go away.We will update this story as it develops, however should you require any furtherinformation, please do not hesitate to get in touch. 7. Bark & Co Solicitors London News: $2.2 Bn Liberian dealbeing investigatedimproprieties in a $2.2 billionby City ofFred Bunn are instructed to represent Mr A. He is under investigation by City of LondonPolice Overseas Anti Corruption Unit concerning allegedrainforest to be used forLondon Police investigated underdeal with the Liberian Government for the concession over 400,000 hectares of a carbon offset project. The matter is beingthe Prevention of Corruption Act 1906. All allegations are denied.An investigation was also launched by the Liberian President. 8. R v Thakrar client acquitted,Bark & Co Solicitors London NewsFred Bunn has successfully secured the acquittal of Kevan Thakrar. Our client is a servingprisoner having previously been convicted of triple murder in 2009.Kevan Thakrar was charged with 2 counts of attempted murder and 3 counts of causinggrievous bodily harm with intent. All allegations related to attacks on prison officers inHMP Frankland, Durham.Giving evidence, Kevan Thakrar informed the jury that he suffers from Post TraumaticStress Disorder following an attack on him by officers within the prison system. Hisdefense centered around the bullying and racism that he has sustained whilst in the prisonsystem and that his actions were in self defense.The Solicitor instructed, Marie Bourke, along with a dedicated defense team from Bark &Co, sought and succeeded in obtaining information which severely undermined theprosecution case and highlighted the torturous regime which is alive within the prisonsystem. Great lengths were taken to secure evidence from legal professionals,professionals within the medical field, as well serving prisoners.

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