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Estonia’s PM resigns over corruption scandal in his party

Estonia’s PM resigns over corruption scandal in his party

World
Estonia’s prime minister has resigned over a corruption scandal in his Center Party that led to key party officials resigning overnightByThe Associated PressJanuary 13, 2021, 10:07 AM• 2 min readShare to FacebookShare to TwitterEmail this articleHELSINKI -- Estonia’s prime minister has resigned over a corruption scandal in his Center Party that led to key party officials resigning overnight, and talks began Wednesday among political parties about forming a new ruling coalition.The move automatically prompts the resignation of Estonia's three-party coalition government but does not automatically mean a new election.Estonian Prime Minister Juri Ratas said early Wednesday on his Facebook page that he would step down as “the suspicion expressed by the Public Prosecutor’s Office .... does not m
Bank of England governor apologises after FCA failings over £237m investment scandal

Bank of England governor apologises after FCA failings over £237m investment scandal

Business
Bank of England governor Andrew Bailey has apologised after an independent report severely criticised the City regulator that he led at the time of a £237m investment scandal.The report found the Financial Conduct Authority (FCA) was "wholly deficient" in the oversight of minibond provider London Capital & Finance (LCF). Former Court of Appeal judge Dame Elizabeth Gloster found there had been "significant gaps and weaknesses" in the FCA's practices and policies. Image: The FCA's oversight was "wholly deficient", a damning report found LCF's demise in early 2019 left 11,600 investors in mini-bonds facing losses of up to £237m.Mr Bailey was chief executive of the FCA, which regulates thousands of financial firms, from 2016 to 2020 b

Ex-Wells Fargo CEO John Stumpf misled investors in fake accounts scandal, SEC says

Finance
John Stumpf, chief executive officer of Wells Fargo & Co., waits to begin a House Financial Services Committee hearing in Washington, D.C., U.S., on Thursday, Sept. 29, 2016.Andrew Harrer | Bloomberg | Getty ImagesEx-Wells Fargo CEO John Stumpf and former deputy Carrie Tolstedt were charged by the Securities and Exchange Commission with misleading investors about the bank's success in selling multiple products to customers.Stumpf agreed to pay a $ 2.5 million civil penalty to resolve the matter, allowing him to avoid admitting or denying the charges, the SEC said Friday.The two executives had certified in 2015 and 2016 investor disclosures that touted the firm's supposedly robust "cross-sell" metric, despite knowing it was misleading, the SEC said in a statement. The metric is an indu...
Post Office scandal: Postmasters celebrate huge victory against convictions

Post Office scandal: Postmasters celebrate huge victory against convictions

Business
Dozens of former sub-postmasters and postmistresses should get a clear path in quashing their convictions for fraud, theft and false accounting.They had been accused of stealing money after the Post Office installed a new computer system, with some imprisoned.After years of fighting to clear their name, many have now been told the Post Office will not contest their cases.For years, the shadow of a conviction put some of those affected in dire financial circumstances.Some struggled to secure work, lost their homes, and even failed to get insurance owing to their criminal conviction.The decision paves the way for more than 30 cases to being quashed, although the Post Office can seek a retrial. More cases remain under scrutiny.The Post Office agreed in Decem...
‘The Enron of Germany’: Wirecard scandal casts a shadow on corporate governance

‘The Enron of Germany’: Wirecard scandal casts a shadow on corporate governance

Finance
The Wirecard logo is seen at the payment company's headquarters in Aschheim near Munich, southern Germany, on June 24, 2020.Christof Stache | AFP via Getty ImagesWirecard's dramatic fall from grace has thrust corporate governance and industry regulation in Germany firmly in the spotlight.The Munich-based payments processor filed for insolvency on Thursday, reportedly owing creditors 3.5 billion euros ($ 3.9 billion). The company's collapse follows a series of investigative reports from the Financial Times into claims about accounting irregularities.The revelation last week that 1.9 billion euros had disappeared from Wirecard's balance sheet has seen the firm's share price collapse 98% and former CEO Markus Braun arrested on suspicion of falsifying accounts.The Wirecard saga and its broader...