Sunday Round-Up: The main stories fron yesterday's City pages

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Independent on Sunday

The Serious Fraud Office suffered a setback when all four defendants in a fraud case which followed the collapse of Seil Trade Finance were found not guilty last week after a three-month trial. The judge told the jury to put the testimony of one witness, an accountant for the SFO, out of their minds.

Consumer groups called for a crackdown on electricity prices ahead of the price controls to be announced by Offer next Thursday.


Cheltenham & Gloucester Building Society is tipped to reveal details of a new bonus scheme for members this week to clinch its proposed merger with Lloyds Bank.

Sunday Times

Industrialists are split over Michael Portillo's criticism of the Department of Trade and Industry. Lord Hanson described the DTI as being 'out of date', but Sir David Lees of GKN supported its work.

Sunday Telegraph

The emergence of Loewen, a Canadian group, as a rival to Service Corporation International of the US for Great Southern is expected to trigger an aggressive auction this week. Analysts say the price offered for the funeral group could top 750p.

Mail on Sunday

Octav Botnar, wanted in Britain in connection with an alleged pounds 238m tax fraud, has filed a claim for a pounds 100m VAT repayment from Switzerland. His claim was lodged by KPMG Peat Marwick.

Leading businessmen and politicians, including Sir John Nott, former defence minister, David Verey, chairman of Lazard Brothers, and Sir Adam Ridley, director of Hambros Bank, issued a High Court writ against Chiltern Financial Services. This firm was the tax adviser on a disastrous BES investment on which the Inland Revenue is likely to claw back tax relief.