Topaz Group, which in March pulled an initial share sale inLondon, had its top management removed and jobs cut after parent Renaissance Services SAOG (RNSS)uncovered financial fraud at the company. Renaissance shares plunged. Topaz Chief Executive Officer Fazel Fazelbhoy stepped down in May after oil and gas services provider Renaissance “uncovered some serious issues” at the unit, Renaissance said in …
Nick Leeson apologies to Barings boss for Bank Crash
The “rogue trader” Nick Leeson who brought down Barings Bank has for the first time made a heartfelt apology to his former boss. He told Peter Norris, now Chairman of Virgin Group Holdings, of his remorse after the two were brought together for a BBC radio programme. Mr Leeson brought down Barings Bank with losses of £827 million in 1995. …
A bird skin in the hand – Money Laundering
A student who stole 299 rare bird skins from the Natural History Museum to fund his studies has been ordered to pay back £125,000 (€142,821). Edwin Rist, 22, from the US, was given a suspended jail sentence in April after admitting burglary at the museum in Tring, Hertfordshire, in June 2009. He also admitted money laundering and yesterday at St. …