With Lord Penrose’s report due in the next few weeks, there is a possibility that a fraud investigation could be launched over a deal Equitable made with General Electric subsidiary Employers Re in 1999.
According to the Independent on Sunday the use of the £1.5bn reinsurance contract, which bolstered the company’s reserves but was thought to provide little financial benefit, may have been designed to fool the Government Actuary and auditors and could be termed as fraud.
The SFO said that it had not yet been asked to investigate but would probe if a complaint was put in front of it.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements