Entries by ceadmin

Nigeria files new Pfizer claims

Nigeria has accused Pfizer of fraud in a fresh court case filed against the drugs firm over its alleged role in the deaths of Nigerian children.

The government earlier withdrew the case – just as it was due to begin in the capital Abuja – to add new charges.

The government is seeking $7bn (£3

Parmalat to face US group lawsuit

Italian dairy firm Parmalat can be sued by shareholders in a lawsuit concerning the collapse of its predecessor, a US judge has ruled.

Parmalat Finanziaria fell in 2003 under 14 billion euros ($18.6bn; £9

Siemens ex-managers found guilty

Two former Siemens managers have been convicted by a German court of their involvement in paying 6m euros (£4.1m; $8m) in bribes to win contracts.

Andreas Kley, 63, received a two-year suspended sentence for bribery and breach of trust, while Horst Vigener, 73, was given nine months’ probation

Paribas fined $700,000 over fraud

The private bank of one of France’s biggest banks – BNP Paribas – has been fined $700,000 (£350,000) for allowing a senior manager to steal money from clients.

The Financial Services Authority (FSA) said controls in the bank’s London office were so weak that the employee had been able to take $3m (£1.4m)

Former Qwest boss guilty of fraud

The former boss of US phone company Qwest Communications, Joseph Nacchio, has been found guilty of 19 counts of insider trading.

A court in Denver ruled that in 2001, Nacchio sold $50m (£25m) of Qwest stock after being told the firm would miss its financial targets.

Nacchio, who was cleared on 23 charges, faces up to 10 years in jail and a fine that could total $19m

HSBC’s exclusive village branch

Some HSBC customers in a Dorset village will no longer be able to see their bank manager as the branch turns into one of the most exclusive in England.

At its Canford Cliffs branch, the self-titled “world’s local bank” will only allow face-to-face banking for its “premier” customers.

The move, which starts in June, means Canford Cliffs will be the country’s only exclusively “premier” HSBC branch

Watchdog probes drug distribution

The UK’s Office of Fair Trading (OFT) has begun a probe into the UK supply of medicines, after changes at the world’s biggest pharmaceutical firm, Pfizer.

Earlier this month, Pfizer began selling its prescription drugs through just one medical wholesaler, Unichem.

This was designed to tackle the rise in fake medicines, but patient groups said it could limit access to vital drugs

Japanese tycoon and his staff guilty of fraud

Controversial tycoon Takafumi Horie has been found guilty of fraud, following a six-month trial which has gripped corporate Japan.

The former boss of the once high-flying internet firm, Livedoor, was found guilty of falsifying the company’s accounts and misleading investors.

Horie, 34, was sentenced to two years and six months in prison

Total chief under investigation

The boss of Total has been placed under judicial investigation as police step up their probe into alleged corruption involving the French oil firm in Iran.

Christophe de Margerie was interviewed on Wednesday about claims of illegal payments made to secure a natural gas deal with Iran in 1997.

Being put under judicial investigation is the first step to formal charges

BP blamed for Texas blast

British oil giant BP has been heavily criticised by US safety investigators over a refinery disaster that killed 15 workers in 2005.

According to the draft report from the US Chemical Safety Board, the blast was the result of lax safety culture at BP.

The report also said that the agency in charge of spotting safety problems had failed to see warning signs