Global Investigations Review - The law and practice of international investigations


Wednesday, 12 February 2014

Cleary Gottlieb partner joins HSBC

Cleary Gottlieb Steen & Hamilton securities, white-collar defence and civil litigation partner Shawn Chen yesterday joined HSBC as co-head of its global litigation and regulatory affairs group. He will lead the group with London-based Guy Nielson, who has been at the bank since 2009.

Deutsche Bank fails to comply with document requests

A Dubai court has ruled Deutsche Bank failed to comply with document requests from the Dubai Financial Services Authority (DFSA), which regulates companies in Dubai’s International Financial Centre. The bank had argued Swiss secrecy laws prevented it from disclosing Swiss client details. Clifford Chance was counsel to Deutsche Bank, and DFSA was represented by Javan Herberg QC and Tom Cleaver of Blackstone Chambers in London.

External counsel investigate Bank of England

The Bank of England has hired external counsel to investigate allegations its officials condoned foreign exchange benchmark manipulation. According to the Financial Times, a group of traders allegedly told Bank of England officials they were sharing client order information. The bank’s officials told them this did not breach any policies. Andrew Bailey, chief executive of the Prudential Regulation Authority, which is part of the Bank of England, told a parliamentary committee the bank does not have any evidence to support the claim its officials condoned the behaviour or were told about confidential data being shared.

Norway imposes accounting fraud sentences

Oslo’s district court sentenced two former Fast Search & Transfer executives for accounting fraud. Former CEO John Lervik was jailed for two years, of which one year is suspended. A former sales director received a six-month suspended sentence. The defendants pleaded not guilty. Economic crime prosecutor Økokrim said Lervik intended to manipulate the market by disseminating false accounting information. FAST was fined 4 million kroner (€536,000) in 2010 for accounting fraud. The company was acquired by Microsoft in 2008 and is now known as Microsoft Development Centre Norway.

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