Leading article: No cause to duck reform of the SFO

 

Share
+More
Related Topics

There will be much rejoicing in the Serious Fraud Office over the multiple guilty verdicts on Asil Nadir, 17 years after he fled the UK claiming that his business affairs were being investigated improperly. In returning to face a British court, Nadir appeared to gamble that time had reduced the potency of the case against him. It had not – not least because his conduct lost a lot of people a lot of money. His company, Polly Peck International – a household name in its day – will go down in the annals as a byword for dishonest business.

The 10 guilty verdicts far outweighed the two acquittals, finally bringing to an end a case that had long stood as a reminder of the SFO's lack of competence. And that is to be welcomed. But one high-profile conviction does not dilute in any way the arguments for reforming the SFO, which remain compelling. Last month, the Office had to drop its probe of the Tchenguiz brothers after the court found it had lost documents and overlooked key financial reports in what one judge described as "sheer incompetence". Then it reopened its two-year investigation into the collapsed hedge fund Weavering Capital which it had previously closed, saying there was no reasonable prospect of conviction, although a civil case had succeeded to the tune of £450m.

Most recently, questions have been raised about the SFO's failure to heed warnings about the fixing of the Libor rate at the time when the scams were being committed. There are older blemishes on its reputation, too, including the very modest penalty it extracted from BAE Systems over sales of radar to Tanzania, an apparent over-eagerness to cut deals and the tardiness of many investigations.

The high court has said the SFO lacks the resources to pursue complex economic crimes and needs more money – which may be so. But its new director, David Green QC, has his work cut out to restore its reputation and the soundness of its decision making. The successful prosecution of Nadir cannot erase the lengthy catalogue of concern. Unfortunately for the SFO, this signal victory has to be hailed as the exception that proves the rule.

React Now

Day In a Page

Read Next
Sibling rivalry: The public enemy (left) confronts his brother  

The new version of Ibsen's Public Enemy is a drama where democracy doesn't win any votes

Tom Sutcliffe
 

As Hay-on-Wye opens this week, it's time for book festivals to open a new and exciting chapter

David Lister

Johnny Marr talks relationships and reunions

He's worked with Modest Mouse, the Pet Shop Boys and Beck, to name a few, and recently released his first solo album. So why, wonders Johnny Marr, do people still hark on about The Smiths?
After the flood: From Haiti to Britain, one man has captured the devastation of our increasingly deluged lands

In pictures: After the flood

From Haiti to Britain, one man has captured the devastation of our increasingly deluged lands
Death becomes her: Meet the very modern mortician who champions 'cool' funerals

Death becomes her: A very modern mortician

Ever considered baking a loved one's remains into a cake or putting their ashes in fireworks? If so, talk to Caitlin Doughty, champion of the alternative death industry.
How long can the 'Keep Calm' trend carry on?

How long can the 'Keep Calm' trend carry on?

At first it seemed clever and cute. Then the 'Keep Calm' motif went mad, spawning endless offshoots.
The man who built Brum: A lament for the demise of John Madin's Brutalist Birmingham

John Madin: The man who built Brum

The architect's buildings were supposed to leave an indelible, futuristic mark on his beloved hometown but they are now being inexorably torn down.
School of chop: Learning the art of butchery at the Ginger Pig

School of chop: Learning the art of butchery

How do you butcher a lamb? Or make Mexican street food in a British kitchen? Christopher Hirst finds out.
James Pembroke: The man who's eaten everywhere

The man who's eaten everywhere

Few people know more about restaurants than James Pembroke, who only spent five mealtimes at home during his entire childhood.
A Berliner in 1963 – but did John F Kennedy once admire Adolf Hitler?

A Berliner in 1963 – but did John F Kennedy once admire Adolf Hitler?

The young JFK praised 'superior' Nordic races during visits to Germany
Banned Iranian director Mohammad Rasoulof to attend Cannes Film Festival 2013, his first public appearance since prison

Banned Iranian director to attend Cannes Film Festival

Mohammad Rasoulof to make his first public appearance since being imprisoned three years ago
Seeing the larger picture: Inspiring images of space

Seeing the larger picture: Inspiring images of space

An exhibition explores images how photography has shaped astronomy
Eat Spam and carry on: Wartime pamphlets could teach us a thing or two about healthy, thrifty eating

Eat Spam and carry on

Wartime pamphlets could teach us a thing or two about healthy, thrifty eating
Facial hair: Cat beards and the purrrsuit of excellence

Facial hair

Cat beards and the purrrsuit of excellence
The 10 Best salt and pepper sets

The 10 Best salt and pepper sets

Whether they're for everyday use or to make your dining table look just right, it's worth getting a stylish shaker...
Ferran Soriano: Predicting success if Manchester City 'vision' is followed

Ferran Soriano: Predicting success if Manchester City 'vision' is followed

Chief executive says trophies will come if a 'core' of suitable players is in place
Thomas Müller: We couldn't handle losing a Champions League Final again

Thomas Müller: We couldn't handle losing a Champions League Final again

The Bayern Munich forward tells Tim Rich his side have to shed chokers' tag after two recent final defeats