Investor ABC due diligence: SFO pipe-dream or near reality?

An uneasy silence persists between the investment community and its regulators following comments by former Serious Fraud Office (SFO) director, Richard Alderman, after the Mabey & Johnson civil recovery order in January this year. [1] Andrew Oldland QC of Michelmores LLP explains the tension.

Andrew Oldland QC (+44 (0) 1392 687604, andrew. oldland@michelmores.com) is a partner and Head of the Regulatory Team at Michelmores LLP

Mabey & Johnson Ltd had pleaded guilty to corruption offences and breaches of UN sanctions in 2009 in relation to obtaining contracts in Iraq corruptly. The company was fined UK£6.5m. It had paid its parent company, Mabey Engineering (Holdings) Ltd, dividends from its profits.