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Korea jails Lone Star executive
/0 Comments/in Lone Star /by ceadminTexan private equity firm Lone Star has been found guilty of stock price manipulation by a South Korean court.
The Seoul court fined the Dallas-based company $27m (£13.6m) and sentenced Paul Yoo, the head of its Korean unit, to five years in prison
Intel faces inquiry in New York
/0 Comments/in Intel /by ceadminIntel, the world’s biggest computer chipmaker, is being investigated by New York Attorney General Andrew Cuomo over whether it broke anti-trust laws.
Mr Cuomo is looking into claims that Intel stopped customers from dealing with rival Advanced Micro Devices.
Intel has cut prices and tried to boost efficiency as AMD has made efforts to become the world’s top producer
BA accused over air cargo cartel
/0 Comments/in British Airways /by ceadminBritish Airways has been accused of colluding in setting prices of fuel surcharges and other levies in the provision of air freight services.
BA confirmed it received a letter of complaint from European Union regulators, alleging that it was part of a suspected air freight cartel.
The complaints were also sent to Germany’s Lufthansa, Air France-KLM and Scandinavia’s SAS
Norwich Union fined on £3m fraud
/0 Comments/in Norwich Union /by ceadminInsurance firm Norwich Union has been fined £1.26m ($2.5m) by the Financial Services Authority (FSA) after customers lost £3
Supermarkets admit milk price fix
/0 Comments/in Asda /by ceadminSupermarket firms Sainsbury’s and Asda have admitted that they were part of a dairy price-fixing group that earned about £270m ($550m) extra from shoppers.
The supermarkets, along with a number of dairy firms, have agreed to pay fines totalling some £116m ($240m) after an Office of Fair Trading (OFT) probe.
Cases against Tesco and Morrisons will continue after no deal was struck
Nigeria probes Siemens bribe case
/0 Comments/in Siemens /by ceadminA Nigerian anti-corruption agency has begun investigating former ministers alleged to have taken bribes from the German telecoms firm, Siemens.
Siemens was found guilty of paying bribes and was fined 201m euros ($248m) by a Munich court on 4 October.
Names on the court papers that emerged last week included Bello Mohammed Haliru, the late Haruna Elewi and Tajudeen Olanrewaju
Cisco raided in tax dodge probe
/0 Comments/in Cisco /by ceadminThe Brazilian headquarters of computer network equipment maker Cisco Systems has been raided as part of an investigation into tax evasion.
Authorities believe the unit may have imported $500m worth of equipment over the past five years without properly paying import duties.
The firm said its Sao Paulo and Rio de Janeiro offices had been temporarily closed and some staff detained
Lloyds sued for money-laundering
/0 Comments/in Lloyds TSB /by ceadminLloyds TSB says it will vigorously defend a money-laundering lawsuit brought by US prosecutors.
Lloyds and Bank of Cyprus face civil charges alleging they helped launder hundreds of millions of dollars from a securities fraud.
The US government is seeking penalties of at least $162m from Bank of Cyprus and $130m from Lloyds, which said the legal action was without basis
Top Chinese businessman arrested
/0 Comments/in Sinopec /by ceadminThe former head of Chinese oil firm Sinopec, who stepped down unexpectedly in June, has been arrested.
Officials confirmed that Chen Tonghai had been detained for questioning, but did not explain why.
Following Mr Chen’s decision to quit for “personal reasons”, state media reported that he was being investigated for “financial problems”