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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Ex-commodities firm chief sentenced to 50 years

Category : Stocks

Peregrine CEO Wasendorf, who admitted to stealing clients’ funds, sentenced to 50 years in prison.

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A City in Egypt Erupts in Chaos Over Sentences – New York Times

Category : Stocks


New York Times
A City in Egypt Erupts in Chaos Over Sentences
New York Times
CAIRO — Egypt's new government lost control of a major city, Port Said, on Saturday as rampaging soccer fans attacked the main jail, drove police officers from the streets and cut off all access to the city.
Deadly protest over Egyptian death sentencesFinancial Times
Rioting follows soccer verdict in Port Said, EgyptLos Angeles Times
Rioting erupts in Egyptian city after soccer fans sentenced to die; nearly 30 killedWashington Post
Wall Street Journal

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Lending tycoons the Luqman brothers flee to Pakistan

Category : Business

Bosses of bridging loans business leave country despite having passports confiscated and wearing electronic tags

Two multimillionaire brothers from Manchester, who are said to have defrauded £100m from the property loans business they ran, have fled the UK despite having had their passports confiscated, wearing electronic tags and having their worldwide assets subject to a freezing order.

Shaid and Waheed Luqman built their bridging loans business Lexi Holdings into a purported £300m empire after borrowing from Barclays Bank. They are believed to have absconded to Pakistan.

They have been pursued by the Serious Fraud Office for four years, but Shaid Luqman fled before he could be charged and his brother escaped later.

Waheed Luqman was on Thursday sentenced to seven and a half years in jail after being found guilty in absentia by a jury at Manchester crown court earlier in the week.

Shaid Luqman, a former Ernst & Young “young entrepreneur of the year”, had been ordered by the courts to wear an electronic tag two years ago after he made inquiries about obtaining a new passport to replace one confiscated by investigators.

This was not enough to stop the entrepreneur, who had a fortune estimated in the Sunday Times Rich List at £250m, escaping two months later.

Meanwhile, bail conditions relating to Waheed Luqman, who was sentenced to 18 months in jail in 2010 for attempting to conceal bank accounts, included the surrender of British and Pakistani passports, an electronic tag, a nighttime curfew and a requirement to report three times a week to a police station.

Two months after his brother’s departure, the SFO had been pressing the courts to remand Waheed in custody when he, too, slipped away.

Administrators from KPMG were appointed to Lexi in 2006 after Barclays received no response to demands for loan repayments. A month later, the administrators told Barclays and other creditors: “Immediately upon appointment, [we] attended the company’s premises in Manchester to secure the site and take control of the business. Upon arrival it was clear that the premises had been vacated and that none of the books or records remained.”

Later, creditors were told that freezing orders totalling more than £260m had been obtained by administrators against the worldwide assets of Luqman brothers and relations.

Lexi had drawn down loans from Barclays purportedly linked to bridging loan deals. According to the SFO, however, the funds were diverted and hidden from auditors. “Money was drained out of the company to family members in Pakistan and included large sums to the brothers’ father, Mohammed Luqman,” the SFO said.

“Though [Barclays] carried out checks on the running of the agreement [with Lexi], there was a great deal of trust involved. Unfortunately, that trust was misplaced.”

Lexi’s last published accounts show it had short-term bank loans and overdrafts of £118m at the end of 2004. Barclays had sold on much of its exposure to other lenders through a syndication deal.It is not the first time major fraud suspects have fled to Pakistan. The late founder of the Bank of Credit and Commerce International Aga Hassan Abedi fled there as the bank collapsed 1991 and successfully resisted extradiction requests until he died four years later. Abbas Gokal, one of BCCI’s biggest customers and a close friend of Abedi also fled to Pakistan, but was arrested by the SFO six years later when on a plane which stopped in Frankfurt. Tried and convicted on his return to the UK, he was sentenced to 14 years in jail.

Britain’s best known absconder was Asil Nadir, the former boss of failed FTSE 100 conglomerate Polly Peck, who fled to Northern Cyprus for 17 years before returning voluntarily. He is alleged to have embezzled £380m and was convicted and sentenced last year to 10 years in jail.

Analyst who mocked FBI gets 4 years for insider trading

Category : Business

John Kinnucan sentenced after pleading guilty to insider trading. He made nearly 25 threatening phone calls to law enforcement officials during the investigation.

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Garlic smuggler dodged £2m of tax

Category : World News

A man from west London is on the run after being sentenced to six years in jail for smuggling Chinese garlic into the UK, dodging £2m in import duty.

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Former GE execs get prison terms in bid-rigging case

Category : Business

The men are the first to be sentenced in the government’s crackdown on fraud in the muni-bond market.

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UPDATE 3-China closes in on Bo Xilai after jailing ex-police chief – Reuters

Category : Stocks


Globe and Mail
UPDATE 3-China closes in on Bo Xilai after jailing ex-police chief
Reuters
* Jail term of 15 years seen as relatively mild * Analyst sees Bo headed for trial too, others disagree * Scandal has shaken leadership succession preparations By Chris Buckley BEIJING, Sept 24 (Reuters) – China's ruling Communist Party took a big step
Police Chief in Chinese Murder Scandal Convicted and Sentenced to 15 YearsNew York Times
Chinese police chief in scandal gets 15-year sentenceLos Angeles Times
Ex-police chief in China scandal gets 15 years, sets the stage for decision on Washington Post
Businessweek

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Iraq Court Sentences Sunni Leader to Death – Wall Street Journal

Category : Stocks


Wall Street Journal
Iraq Court Sentences Sunni Leader to Death
Wall Street Journal
By SAM DAGHER and ALI A. NABHAN BAGHDAD—Dozens of Iraqis were killed and wounded in a barrage of bombings and assassinations across the country as a court here sentenced a fugitive vice president to death in absentia for allegedly ordering and
Iraqi leader sentenced to deathThe News International
Iraqi VP given death sentence on day of violenceSan Jose Mercury News
Sectarian violence flares in Iraq as Sunni vice president sentenced to dieDetroit Free Press
CNN

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‘Raid’ on Motorola trade secrets

Category : Business

A former Motorola employee is sentenced to four years in prison for stealing trade secrets worth millions of dollars.

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Ex-banker jailed for F1 bribery

Category : Business, World News

Former banker Gerhard Gribkowsky sentenced to more than eight years in jail for taking $44m in bribes from Formula 1 president Bernie Ecclestone.

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