Audit watchdog beefs up standards in response to corporate failures September 30, 2019 Accountancy regulator the Financial Reporting Council (FRC) today announced it was beefing up audit standards in response to a string of major corporate failures. The FRC said it was introducing a new standard related to going concern status, where auditors judge a company’s financial position. Outsourcer Carillion and department store chain BHS both received clean [...]
Burford Capital goes to High Court to demand identities of traders who tanked its stock September 30, 2019 Litigation funder Burford Capital today said it had been the victim of market manipulation and said it had gone to court to get the London Stock Exchange (LSE) to disclose the identities of those involved. Burford’s shares tanked in value last month in response to a short attack by activist fund Muddy Waters. Read more: [...]
Woman who spent £16m in Harrods will not be extradited to Azerbaijan September 26, 2019 A judge ruled today that a woman who spent £16m in Harrods and was the target of the UK’s first unexplained wealth order (UWO) will not be extradited to Azerbaijan. Zamira Hajiyeva, whose banker husband is serving a 15-year sentence for fraud and embezzlement, faced extradition to Azerbaijan to stand trial on multiple fraud charges. [...]
We should celebrate the glory of Britain’s unwritten constitution September 25, 2019 For most of the Cold War, there sat in a safe in Whitehall a 16-chapter document. It was a game plan for when the bombs started falling. In four minutes, as the warning sirens wailed, the United Kingdom would be turned from a constitutional monarchy to 12 regional mini-kingdoms. Each would be overseen by a [...]
Watch out for the unintended ripples of the Supreme Court verdict September 25, 2019 There are times in the life of a nation when a single decision made by an authority can have ramifications well beyond the narrowness of the issue at hand. When the US Supreme Court decided in Roe versus Wade in 1973 that a pregnant woman should have the freedom to choose to have an abortion [...]
Muddy Waters says Burford ‘continues to evade key questions’ about its accounting policies September 24, 2019 Shortseller Muddy Waters today slammed Burford Capital’s defence of its accounting policies and said the litigation funder “continues to evade key questions”. Muddy Waters launched a bear attack on Burford last month, questioning its use of fair value accounting and sending its share price down 40 per cent. Burford funds legal cases in return for [...]
Spending advice for the chancellor September 19, 2019 With the ongoing constitutional soap opera unfolding in Westminster, it’s hardly surprising that the Spending Round announcement from Sajid Javid didn’t make many headlines earlier this month. With parliament suspended until mid-October, there is some breathing space and time to reflect on the critical role that the Treasury will play in creating an environment where [...]
Major US law firm launches first office in ‘exciting and remarkable’ London September 18, 2019 US law firm Alston & Bird launched an office in London today in a bid to build a transatlantic finance and payments powerhouse. Finance partner Andrew Petersen said Alston & Bird’s management: “Firmly believe that London, with everything going on, is the place to be and I think that’s incredibly exciting for London.” The Atlanta-headquartered [...]
Sports Direct notifies business department as it continues auditor hunt September 18, 2019 Sports Direct has notified the Business, Energy and Industrial Strategy (BEIS) department that it is tendering for a new auditor after Grant Thornton declined to be reappointed at its annual meeting last week. Sports Direct does not have an auditor following Grant Thornton’s withdrawal from the role. Read more: Mike Ashley survives shareholder vote at [...]
For the tax avoidance of doubt: In light of the review into the controversial loan charge, what are the options? September 18, 2019 With reports of people losing their homes, going bankrupt, and even committing suicide, it’s clear that the government’s so-called “loan charge” is hugely problematic. Tens of thousands of freelancers and contractors are being chased for retrospective tax, with some expected to pay debts that date as far back as 1999. Why? Because they signed up [...]