On 2 April, in a significant victory for Peters & Peters’ client Mr Akintunde Giwa, the High Court held that Mr Giwa was entitled to summary judgment in the sum of Nigerian naira 7,914,209,196.50 (about £4.7 million) against JNFX Limited (a London-based foreign exchange and payment services provider) and its agent Mr Mervyn in respect […]
Earlier this month a criminal trial started that will be of great interest to tax authorities all over the world. The trial involves British fund trader Sanjay Shah, who has been charged along with eight other British and US citizens, over so-called ‘cum-ex’ schemes. Denmark is alleging that the fraud cost it 12.7 billion Danish […]
The High Court has this week found in favour of Peters & Peters’ client Mrs Nebahat İşbilen in committal proceedings initiated against her one-time personal financier and trusted adviser, Mr Selman Turk. As a result, Mr Turk has been sentenced to 12 months’ imprisonment. This is the latest development in long-running fraud proceedings brought by […]
Last week, a former Goldman Sachs International analyst was found guilty of insider trading and fraud at Southwark Crown Court, in a case brought by the Financial Conduct Authority (FCA). Mohammed Zina worked at the bank between 2014 and 2017, joining the Conflicts Resolution Group in 2016. Through this role, he came into possession of […]
Towards the end of last year, the government concluded the Online Fraud Charter, which sets out commitments by big online players to tackle the gigantic rates on online fraud. This is a positive move, but to truly address the fraud epidemic, it is important to also address the high value of frauds. One important tool […]
The recent decision in AXA Insurance v Kryeziu, a low-value insurance dispute, provides welcome clarification of what is required of victims of fraud in both their pleadings and disclosure, and the consequences of failing to comply. In this article for Fraud Intelligence, Philip Gardner and Abbie Melvin review the facts and findings of the case, […]
Many of the underlying principles of English law developed from simple cases of relatively low monetary value, perhaps most famously in the foundational negligence case of Donoghue v Stevenson. The recent decision in AXA Insurance v Kryeziu [2023] EWHC 3233 (KB), a low-value insurance dispute, is a useful reminder that no matter the garden variety […]
Late 2023 brought a welcome development in the fight against fraud, as the UK government concluded the Online Fraud Charter with various industry representatives. The Charter represents a practical step by which online giants can move towards countering the extremely high proportion of online fraud. To take on the current fraud epidemic, however, it will […]
Between 2022 to 2023, civil forfeiture and recovery powers under Part 5 of the Proceeds of Crime Act 2002 (POCA) contributed £160.1 million to the public purse. With criminal confiscation powers bringing in £179 million, the amount recouped using civil rather than criminal asset recovery powers equates to just under half of the total asset […]
The Supreme Court has today given judgment in The Republic of Mozambique (acting through its Attorney General) (Appellant) v Privinvest Shipbuilding SAL (Holding) and Others (Respondents) [2023] UKSC 32. In a judgment given by Lord Hodge, Deputy President of the Supreme Court, with whom Lord Lloyd-Jones, Lord Hamblen, Lord Leggatt and Lord Richards agree, the […]
