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HMRC seeking 'unprecedented' information request powers

Out Law News Feed - Thu, 07/12/2018 - 09:45
HM Revenue and Customs (HMRC) in the UK is seeking "unprecedented" powers to obtain information about taxpayers without independent oversight from the tax tribunal, a tax expert has said.

Hungarian ruling does not diminish importance of German UPC case

Out Law News Feed - Thu, 07/12/2018 - 09:33
Hungary's participation in the new unitary patent and Unified Patent Court (UPC) regime is in question following a recent ruling, but it is the ongoing legal challenge in Germany that presents a greater risk to the future of the UPC project as a whole, a patent litigator has warned.

Addleshaws' revenue soars by nearly 25% to record high as profit climbs by more than a third

Legal Week rss Feed - Thu, 07/12/2018 - 00:01
Firm sees revenues rise to almost £250m on back of Scots merger and lateral hires

Spot2Trade Ltd

FCA - Wed, 07/11/2018 - 17:10
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Mayer Brown calls time on Hong Kong association with China's Jingtian & Gongcheng

Legal Week rss Feed - Wed, 07/11/2018 - 16:54
Chinese firm to launch local law practice in Hong Kong after three-year Mayer Brown association

Recent rulings highlight risks to lawyer-client privilege in Germany

Out Law News Feed - Wed, 07/11/2018 - 16:22
ANALYSIS: Conducting internal investigations in Germany requires thorough preparation and execution by experts to avoid pitfalls in connection with the lawyer-client privilege, as recent court rulings in the country highlight.

IvoryOption

FCA - Wed, 07/11/2018 - 16:08
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

LS Traders

FCA - Wed, 07/11/2018 - 15:58
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Bevan Brittan and Clyde add to strong reporting round

Law Gazette News - Wed, 07/11/2018 - 15:39

Clyde & Co profit rises 10% while Bevan Brittan surplus climbs 23%.

Clydes posts double digit increase in net profit in 20th year of successive growth

Legal Week rss Feed - Wed, 07/11/2018 - 15:00
Firm highlights US as driver of revenue growth as multiple lateral partner additions mean PEP edges up 2%

Banks must lobby hard to clarify new 'sub-outsourcing' guidelines

Out Law News Feed - Wed, 07/11/2018 - 14:53
ANALYSIS: Banks must make their voices heard to help shape new guidelines on 'sub-outsourcing' or risk facing regulatory requirements that are difficult to meet in practice when engaging with third party suppliers, including cloud providers.

BBC pay report reveals salary details for corporation's top lawyers

Legal Week rss Feed - Wed, 07/11/2018 - 14:07
BBC GC Sarah Jones listed as taking home £255,000, with head of commercial legal, Peter Ranyard, making £160,000

McGarry Corporate Partners

FCA - Wed, 07/11/2018 - 13:52
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

'More law firm donations' needed to save pioneering drug court scheme

Law Gazette News - Wed, 07/11/2018 - 13:46

Manchester boutique praised for committing £37,000 over three years to save FDAC National Unit.

Libyan fraud judgment a 'step forward' in global corruption fight

Law Gazette News - Wed, 07/11/2018 - 12:23

A fund management company has today secured victory in a four-year legal fight against its former chief executive, who was accused of receiving bribes totalling around £18m from a Libyan sovereign wealth fund and using them to bankroll a lavish lifestyle.

In FMCP v Marino & Others, Frederic Marino had been accused by London-based FM Capital Partners (FMCP) of defrauding the company by conspiring with another employee, Yoshiki Ohmura, to divert funds to offshore accounts.

At the relevant time, during Colonel Gaddafi’s Libyan regime in 2009, FMCP was managing a £441m sovereign wealth fund, the Libya Africa Investment Portfolio (LAP).

It was alleged Marino defrauded FMCP by conspiring with Ohmura to divert funds away to offshore companies and accounts. The court heard during the trial that Marino blew company cash on clothes, restaurant bills and a helicopter ride – and ran up a £165,000 bill at the five-star Lanesborough Hotel in London, including more than £40,000 on parking.

The High Court ruled this morning that Marino and Ohmura are liable to reimburse FMCP. The amount FMCP will be able to recover will be decided at a hearing later this month, but is expected to amount to be around $25m (£18m).

After discovering the wrongdoing in 2014, FMCP dismissed Marino for gross misconduct and began its legal challenge – represented by international firm Hogan Lovells.

Crispin Rapinet, Head of Hogan Lovells’ global investigations, white collar and fraud practice, said today: ‘Today’s judgment reinforces the consequences of engaging in serious fraud. The ruling is an important step forward in the ongoing global fight against bribery and corruption.’

Roger Turner, chief executive of FMCP said: ‘We welcome this judgment and I am very pleased to see justice being delivered against Marino and Ohmura for their fraudulent scheme against FMCP. I am ambitious for FMCP and want to see us continue to grow as a business investing the vast fund provided by Libya for the Libyan people.’

FMCP was represented by Hogan Lovells, instructing Nathan Pillow QC and Anton Dudnikov of Essex Court Chambers.

Marino was represented by James Couser of Three Stone Buildings, instructed by Richard Slade of Richard Slade & Company. Ohmura was represented by Laurence Emmett and James Fox of One Essex Court, instructed by Cooke Young & Keidan.

A spokesperson for Richard Slade said: ’Mr Marino is extremely disappointed by the outcome of the case and is considering with his legal team the steps he should now take to vindicate his position.’

Eversheds Sutherland fees for advice on transfer of Carillion contracts revealed

Legal Week rss Feed - Wed, 07/11/2018 - 12:17
Freedom of information request reveals fees for post-Carillion collapse work for Network Rail

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