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.
Have shock jocks gone too far after Rush Limbaugh called Sandra Fluke a slut?
Former Google exec says he has 100,000 emails showing how 'immoral' company avoids paying UK tax
British business: We need to stay in the European Union - or risk losing up to £92bn a year
World news in pictures
British father faces charges after confessing to slitting his two children's throats in Lyon flat
- 1 Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
- 2 British business: We need to stay in the European Union - or risk losing up to £92bn a year
- 3 The moral case on tax avoidance is overwhelming - and we all know Google wants to do the right thing
- 4 Sam Wallace: The second coming of Jose Mourinho at Chelsea will be a reunion that can only end in tears
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
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