Dechert has been sacked by a client after accusing it of paying massive bribes.
Mining company Eurasian Natural Resources Corporation (ENRC) hired Dechert two years ago to investigate allegations of internal corruption, apparently to appease spooked investors (it was the worst performing company in the FTSE 100 last year). There have been reports that staff gave Dechert false documents and even set up a fake office, suggesting that elements of the company may have been looking for a whitewash.
When Dechert finally reported to ENRC that it had evidence the company had bribed African presidents, forged documents to buy a copper mine in the Congo, misled its own CFO and was missing £22.6 million, it was fired. It is now co-operating with the Serious Fraud Office, which has begun a criminal investigation into the company.
A spokeswoman for ENRC, which has been described by one ousted director as "more Soviet than City", has said there is "no evidence" to substantiate Dechert's claims. However its ex-Chairman has previously admitted that "if I was to act on every allegation, I would fire people every day" which doesn't exactly inspire confidence. Dechert said it would not be commenting, but would be steering clear of open boots and burly men in balaclavas.*
*parts of this statement were not said aloud.
Tip Off ROF
Mining company Eurasian Natural Resources Corporation (ENRC) hired Dechert two years ago to investigate allegations of internal corruption, apparently to appease spooked investors (it was the worst performing company in the FTSE 100 last year). There have been reports that staff gave Dechert false documents and even set up a fake office, suggesting that elements of the company may have been looking for a whitewash.
When Dechert finally reported to ENRC that it had evidence the company had bribed African presidents, forged documents to buy a copper mine in the Congo, misled its own CFO and was missing £22.6 million, it was fired. It is now co-operating with the Serious Fraud Office, which has begun a criminal investigation into the company.
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ENRC reading Dechert's report with interest yesterday |
A spokeswoman for ENRC, which has been described by one ousted director as "more Soviet than City", has said there is "no evidence" to substantiate Dechert's claims. However its ex-Chairman has previously admitted that "if I was to act on every allegation, I would fire people every day" which doesn't exactly inspire confidence. Dechert said it would not be commenting, but would be steering clear of open boots and burly men in balaclavas.*
*parts of this statement were not said aloud.
Comments
STUPIDEST. COMMENT. EVER.
Go read POCA. Then try to understand it. Then think about how moronic this question was.