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Ex-Oil Execs Say 'Dishonest' Asset Freeze Cost Them $1B

By Eddie Beaver

Two former top executives at oil trader Arcadia told a court on Tuesday that a decade-long order freezing their assets in support of a meritless fraud claim prevented them from setting up a business that would have earned them more than $1.1 billion.


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Top Stories
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    The Solicitors Regulation Authority said Tuesday that it has uncovered a "sophisticated suspected fraud" at PM L...(read more)

  • Exterior of building that houses the High Court in London.
    ENRC's $290M Claim Defies Decades Of Precedent, SFO Says

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    The Serious Fraud Office and Dechert argued at trial on Tuesday that the $290 million claim brought by ENRC over...(read more)

  • Law Commission Mulls New Consumer Class Action Regime

    By William Janes

    The Law Commission has said that it is considering the introduction of a new class action regime for consumer law claims that could replicate the collective proceedings system at the Competition Appeal Tribunal.

  • A&O Shearman-Led Food Biz Confirms £10B Primark Spin-Off

    By Tom Fish

    Associated British Foods PLC said Tuesday that it will proceed with a long-expected plan to spin off its fast-fashion chain Primark from its food businesses, creating a separate non-food company to list on the London Stock Exchange.

  • Ex-Foreign Office Chief Hints At Legal Action Over Sacking

    By Adele Redmond

    Olly Robbins hinted on Tuesday that he is considering taking legal action over his dismissal from the top civil role at the Foreign Office for his alleged mishandling of the vetting of Peter Mandelson to be U.S. ambassador.

  • Glencore Ruling Broadens Scope For Challenge Over Privilege

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    A recent court ruling that expands legal advice privilege to cover some internal corporate communications gives companies greater scope for withholding sensitive material but is likely to prompt challenges over whether those documents meet the test for protection, lawyers say.

  • Irish Co. Defeats £18M Tax Appeal Over Lehman Bros. Debt

    By Josh White

    HM Revenue & Customs can't retain over £18 million ($24.3 million) in a withholding tax claimed by an Irish company on debt interest from collapsed bank Lehman Brothers, a London court ruled Monday.

  • Housing Group Can't Ax Union Case Over Blog Post Pay Offer

    By Hanna Vioque

    A housing provider has lost its bid to strike out claims from unionized staffers over a blog post from its CEO offering a pay raise to nonunion members, after failing to convince an employment tribunal that the post might have broken the law during ongoing pay negotiations.

  • Reform UK Deputy Says His Co. May Have Made Tax Errors

    By Josh White

    Reform UK deputy Richard Tice said "some errors" are inevitable when running multiple businesses following a report that his investment company failed to pay almost £100,000 ($135,000) in corporate tax, adding that he would pay up if it is found he owes more taxes.

  • Abbott Wins Glucose Monitor Sales Ban On Appeal At UPC

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    Abbott has persuaded appellate judges at the Unified Patent Court to stop Sinocare selling certain glucose monitoring displays in Europe, proving that its Chinese rival's devices are likely to have infringed its patent.

  • Ex-OPEC Head Denies 'Willy-Nilly' Shopping In Corruption Trial

    By Ronan Barnard

    A former Nigerian oil minister standing trial for allegedly accepting bribes from energy executives denied before jurors in London on Monday that she "was cavorting with friends willy-nilly" on shopping trips.

  • EU 'Pastiche' Ruling Offers New Tool For Copyright Defense

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  • Lorry Drivers Lose Overtime Appeal Over Contract Terms

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  • ENRC Says SFO Probe Tarnished Rep And Scared Off Lenders

    By Christopher Crosby

    The prolonged investigation by the Serious Fraud Office into ENRC hammered the company's reputation, scared off lenders and ultimately drove up its borrowing costs, the miner's counsel said at the start of a $290 million trial on Monday.

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Trending on Law360 UK

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From The Courtroom

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Expert Analysis

  • Martin Dowdall
    FCA's £44M Nationwide Fine Highlights AML Control Gaps
    The Financial Conduct Authority’s recent £44 million fine of Nationwide Building Society for anti-money laundering control failures ... (read more)
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  • Gregg Beechey
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    The Financial Conduct Authority’s final rules on consumer composite investments intend to support retail investors in making more in... (read more)
  • Sebastian Barling
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  • Kate McKenna
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    The Irish government’s recent proposals to amend and clarify competition and consumer law would allow new investigative powers and g... (read more)
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