Citigroup fined £14m by UK watchdog
Citigroup, the US owner of Citibank, is to be fined £13.9m ($25.31m) by the UK’s Financial Services Authority (FSA) after a controversial bond trade
Entries by ceadmin
Regulator probes IBM stock issue
Financial regulators are investigating how computer giant IBM awarded share options to its staff earlier this year.
IBM revealed on Monday that it was the subject of an informal probe by the Securities and Exchange Commission (SEC) and was co-operating fully.
The inquiry is thought to be linked to IBM’s announcement of disappointing quarterly trading results in April
Tycoon’s trial ‘partly political’
A senior Russian government minister has told the BBC that political reasons have played a role in the prosecution of the country’s wealthiest man.
Economy Minister German Gref said the case against Mikhail Khodorkovsky had “a certain political element”.
The trial of the oil billionaire, who is charged with tax evasion and fraud, will restart on 12 July
Bristol-Myers in $300m settlement
US drugs company Bristol-Myers Squibb has agreed to pay $300m (£165m) into a shareholders’ fund, as prosecutors charged two former executives.
The firm and executives were accused of a practice called “channel stuffing” – offering incentives to get wholesalers to buy more of the company’s products.
The scheme boosted earnings at the firm, which has now agreed a “deferred prosecution” with Newark lawmakers
KPMG admits to past tax misdeeds
US federal prosecutors have built a criminal case against KPMG and are debating whether to file charges, the Wall Street Journal reported.
KPMG, one of the “big four” global accounting firms, said on Thursday it was in talks with the US Justice Department and co-operating fully.
It said it took “full responsibility for the unlawful conduct by former KPMG partners” and deeply regretted it
J.P. Morgan Chase to Pay Enron Investors $2.2 Billion
J. P. Morgan Chase announced last night that it had agreed to pay $2
Microsoft helps China to censor bloggers
Civil liberties groups have condemned an arrangement between Microsoft and Chinese authorities to censor the internet.
The American company is helping censors remove “freedom” and “democracy” from the net in China with a software package that prevents bloggers from using these and other politically sensitive words on their websites.
The restrictions, which also include an automated denial of “human rights”, are built into MSN Spaces, a blog service launched in China last month by Shanghai MSN Network Communications Technology, a venture in which Microsoft holds a 50% stake
Citigroup pays $2bn in Enron case
US banking giant Citigroup has agreed to pay $2bn (£1.1bn) to settle a lawsuit brought by shareholders of collapsed energy trading firm Enron.
The class-action suit accused Citigroup of assisting Enron to carry out the huge accounting fraud which bankrupted it in 2001
Forgery charge for jet fuel boss
Chen Jiulin, the suspended boss of crisis-hit jet fuel supplier China Aviation Oil (CAO), has been charged with insider trading.
The charges, which include making false statements, failing to disclose losses and forgery, come a day after Mr Chen and other executives were arrested.
CAO collapsed in December after running up losses of $550m (£248m) betting on the future price of oil
Yukos ex-chief jailed for 9 years
Former Yukos chief Mikhail Khodorkovsky has been jailed for nine years after being found guilty of six charges including tax evasion.
But his ordeal may not be at an end as Russian prosecutors have said they will soon bring fresh charges against him.
The news came as Mr Khodorkovsky was found guilty of six of the seven charges of tax evasion, fraud and embezzlement he had faced