Allied Irish Bank, Ireland’s biggest banking group has admitted overcharging foreign exchange customers 14m euros.
The Irish Financial Services Regulatory Authority said they are investigating and is in talks with the bank to make reparations get underway.
AIB is examining how compensation can be appropriately paid to customers
NEW YORK (Reuters) – Prudential Financial Inc., the second largest U.S
NEW YORK (Reuters) – Merck & Co Inc. said Friday the Internal Revenue Service could make it pay more than $2 billion in taxes and penalties because of the agency’s decision to disallow deductions the drug maker has claimed since 1993 from a partnership.
Investors initially appear unconcerned by the tax issue as Merck (MRK: down $0
Japanese police have arrested seven former executives of Mitsubishi Motors on suspicion of falsifying reports into a fault that caused a fatal accident.
The seven all worked for the company in January 2002, when a woman was killed by a wheel that broke off a passing Mitsubishi truck.
Up until March of this year it had blamed improper maintenance
National Australia Bank director, Catherine Walter, has decided to quit in the aftermath of a trading scandal after originally refusing to step down.
“I have tried to stand up for what I believe is in the long term interests of the bank,” she said in a statement.
Ms Walter claimed she was made a scapegoat for 252m Australian dollars (£104m; $188m) in losses on unauthorised foreign exchange trades
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission said Thursday it filed civil fraud charges against PIMCO Advisors Fund Management LLC, affiliates and officers in a probe of mutual fund market timing
the software company under investigation for its accounting, Thursday said it will revise its filings for the second half of 2003 to defer recognition of about $9 million in revenue, due to an adjustment in the way the company calculates subscription revenue.
The Islandia-based software company also said it will report results for the fiscal fourth quarter ended March 31 up to two weeks later than planned, due to the work involved in the restatement.
Computer Associates was set to report fourth-quarter and full-year fiscal 2004 results May 12
ROME : Italian finance police searched Rome offices of the bank Capitalia in connection with the collapse of the food groups Cirio and Parmalat, judicial sources said.
The search was ordered by Parma’s public prosecutor and concerns the sale of the dairy group Eurolat by Cirio to Parmalat in 1999, the source added.
Parmalat founder Calisto Tanzi and his financial director Fauso Tonna have alleged to magistrates that they were forced by Capitalia chairman Cesare Geronzi to buy Eurolat at an inflated price so that the bank, formerly Banca di Roma, could recover money owed it by Cirio
More than £6.5m worth of business considered to be “unethical” was turned away by the Co-operative bank in 2003.
The UK based group said the value of business it had refused was 58% higher than in 2002
Accounting firm Ernst & Young was fined more than $134,000 for allegedly understating its net worth during a trial that resulted in an award of more than $100 million against the company.
Butler County Judge S. Michael Yeager on Friday found the New York-based company in contempt for allegedly presenting evidence during last year’s trial that its net worth was $374 million