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MLex Market Insight

What do the SFO’s latest probes say about the prosecutor’s state of mind?

MLex Market Insight

MLex Market Insight

News

4.99 Ratings

🗓️ 15 August 2017

⏱️ 12 minutes

🧾️ Download transcript

Summary

The UK's Serious Fraud Office has just announced two formal investigations into Rio Tinto and British American Tobacco. But why now? Announcing probes into huge companies like these seems to show that the SFO is still trying to prove its worth (both to Theresa May and the wider public) after it was proposed that it should be subsumed into the UK’s police body, the National Crime Agency. Listen in as MLex anti-bribery and corruption correspondents Martin Coyle and Ben Lucas talk with London News Editor Ben O'Neill about the agency.

Transcript

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0:00.0

Hello, I'm Ben O'Neill, the news editor in Emlex's London Bureau. If you've tuned in to

0:06.4

Mlex's podcasts before, thanks for joining us again. And if this is your first time, a very warm welcome.

0:12.9

Today I'm joined by Martin Coyle and Ben Lucas, who both report from London for Emlex's

0:17.9

anti-bribery and corruption service. Martin, hello. Hi, Ben.

0:21.6

And Ben, hello to you too.

0:22.6

Hi.

0:23.6

Now, you two spend much of your time working through and reporting on the complex trails

0:28.6

of fraud and kickbacks, overseas briberies that some companies leave behind them.

0:33.6

But today, we're going to talk about what happens when the law enforcers themselves are the

0:38.9

story. And that's very much the case in the UK right now, where the country's principal corruption

0:43.9

prosecutor, the serious fraud office or SFO, has spent months wondering if it actually has a future.

0:50.7

It seems a very long way from January when the SFO was fated after concluding a deferred prosecution agreement

0:57.0

with Rolls-Royce for almost half a billion pounds over worldwide corrupt practices that spanned three decades.

1:04.0

But then in May, Prime Minister Theresa May pledged in her election manifesto to merge the SFO with the larger national crime agency.

1:14.1

So, Martin, Ben, what's the latest with the SFO?

1:17.6

I mean, we're now in August, and this hasn't happened, and there's no merger,

1:21.5

and the SFO has just opened up several large new investigations into big companies.

1:26.3

So can you bring us up to date, Martin?

1:28.3

Yes, thanks, Ben. As you say, Theresa May, in her previous role as Home Secretary has twice

1:34.1

before tried to roll the agency under the wing of the SFO, but she's failed. Now, this third

1:39.8

attempt, as Prime Minister, looks like it could also fail due to the Conservative Party's slim majority

1:45.0

in Parliament. But so far we've had no formal announcement from the government on this.

...

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