Business week in review
Sunday 21 October 2012
Robert Tchenguiz, one half of the ostentatious property tycoon brothers, saw the Serious Fraud Office (SFO) embarrassingly scrap its investigation into failed Icelandic bank Kaupthing on Monday.
The SFO said it had "insufficient evidence to justify" any further investigation into Robert, just four months after abandoning its case against elder sibling Vincent.
Robert, a major bank shareholder through Exista, an investment vehicle, said he realised "the SFO has an important role to play in investigations of this nature".
However, such a consideration doesn't look like stopping him from joining Vincent in a £100m compensation claim. That should buy a few bottles of champers.
One man who can afford a round is Henrique de Castro. No, he isn't a Seventies singer-cum-lothario, but the new chief operating officer of Yahoo. He was lured to join from Google on Monday by $58m (£36m) in pay and shares over four years.
Royal Bank of Scotland boss Stephen Hester was all smiles on Thursday, as his bank left the Asset Protection Scheme, the Government-backed insurance scheme to cover toxic assets.
...at a loss
Party animal, financier, and mining entrepreneur Nat Rothschild bared his teeth on Monday, abruptly quitting the board of Bumi, the mining venture he established to such great fanfare.
He accused Bumi's chairman, Samin Tan, of being "complicit" in the "oppression" of some shareholders. This is the result of a long-running feud with Indonesia's Bakrie family, who put some of their coal assets into a London shell, Vallar, last year, to create Bumi. All very complicated and nasty, particularly as the deal was the brainchild of Rosthschid.
One of India's corporate success stories, the high-flying career of Vikram Pandit, crashed down to earth on Tuesday.
Investors were shocked to hear that a boardroom row ended in Pandit's resignation from Citi, the US bank he led for more than five years. Michael O'Neill, who became chairman in April, is said to have clashed with Pandit over management styles.
We take little joy in the plight of bankers, but Wednesday saw Bank of America boss Brian Moynihan announce a net income of $340m (£212m) for July to September – 95 per cent down on last year.
- 1 Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
- 2 iOS 8 apps and features: eight iPhone settings you need to look at after you install the update
- 3 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 4 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 5 Scotland could still declare independence – even without referendum, says Alex Salmond
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Khorasan: Muhsin al-Fadhli - the man leading a terror group more feared by US officials than Isis
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Alicia Keys leaks own nude photo 'to create a kinder and more peaceful world'
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
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