Hands says he was betrayed over EMI

first_imgTuesday 19 October 2010 8:22 pm whatsapp Share More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com Hands says he was betrayed over EMI GUY Hands, the head of private equity firm Terra Firma, accused senior Citigroup banker David Wormsley of betraying him over the sale of EMI, as he gave evidence in a New York court yesterday. Hands told the court he would never have bid for the record label if he had known all other interested bidders had pulled out. He alleged Wormsley misled him into believing another bidder, private equity group Cerberus, had submitted a 262p per share bid, leading him to up Terra Firma’s offer to 265p per share. “I knew him well. I trusted him. I considered him my closest business colleague,” Hands said of Wormsley. Terra Firma paid £4bn for EMI in 2007. It has since struggled financially and nearly defaulted on debts. whatsapp KCS-content Show Comments ▼ Tags: NULLlast_img read more

HSBC in $9bn suit over Madoff fraud

first_img whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org HSBC in $9bn suit over Madoff fraud Monday 6 December 2010 8:42 pm HSBC is being sued for at least $9bn (£5.7bn) for allegedly aiding Bernard Madoff’s $65bn Ponzi scheme. Irving Picard, the court-appointed trustee charged with liquidating Madoff’s investment firm and recovering funds for its victims, alleges 24 counts of financial fraud and misconduct against HSBC and its affiliates. The lawsuit filed on Sunday claims HSBC helped establish an international network of “feeder” companies that diverted funds to Madoff’s investment advisory business. This helped “fuel and extend Madoff’s Ponzi scheme across international borders,” a statement from Picard’s office says. He has named a series of defendants, including directors and managers in the funds’ management companies, accused of aiding and abetting the fraud. He alleges the defendants, who include Sonja Kohn, Genevalor, Mario Benbassat and his sons Albert and Stephane, Bank Medici and Unicredit, were “well aware” of signals that the deals were fraudulent.“Had HSBC and the defendants reacted appropriately to such warnings and other obvious badges of fraud outlined in the complaint, the Madoff Ponzi scheme would have collapsed years, billions of dollars, and countless victims sooner,” Picard said. HSBC had both flagged concerns with and received warnings about Madoff’s investment practices from KPMG, its accountant, he said. The suit claims the institutions involved had the sophistication to understand the fraud and participated knowingly. HSBC said it was “defending itself vigorously”against the claims. “HSBC believes that the US court-appointed trustees’ claims of wrong-doing are unfounded,” a spokesman said.Picard has filed Madoff-related suits against several banks, including UBS and JP Morgan, to date. Share KCS-content Show Comments ▼ whatsapp Tags: NULLlast_img read more