08:09
blogzone
An estimated 15,000 tonnes of metal was stolen in the UK last year. Half of this was from the metals recycling industry itself. But it is the 7,500 tonnes of metal stolen from railways, statues and church roofs that has caused a public outcry, badly tarnished the reputation of metal recyclers, and is now threatening the existence of our businesses. To an industry recycling 13 million tonnes of metal a year, 7,500 tonnes is a tiny volume – though it has a massive impact. Metals theft is a huge issue for our company. Not only do we suffer at the hands of organised criminal gangs, but we are portrayed, alongside other legitimate businesses, as a shabby "Steptoe and Son" industry; the true picture of a modern metals recycler could not be further from the truth. Metals recycling has evolved in the last 10 years, responding to a raft of environmentally focused directives from Europe. We have invested millions in research, development and new technology to achieve advanced recycling and recovery rates from incredibly complex items such as scrap cars, known as "end of life vehicles". This has enabled us to divert thousands of tonnes of material from landfill. The industry's rapid change also means that an update to the 1964 Scrap Metal Dealers Act is long overdue. It currently requires us to register with the local authority and obtain the name, address and, if relevant, vehicle registration number of anyone selling scrap metal. The weight, type of material and price paid must also be recorded. The act also provides the police with the right to enter our yards if they suspect any wrongdoing. We do not accept "foot" trade or anyone turning up in a taxi, to ensure we can take down a legitimate licence plate. If we have not worked with someone before, we ask for photographic identification or proof of address. All our transactions are recorded on CCTV and we inspect every load entering our yards – turning away or quarantining any suspicious material. Unfortunately the scrap metal trade is blighted with numerous illegal operators, who have neither signed up to the act nor registered with the Environment Agency. Local authorities can combat these illegitimate businesses, and Environment Agency officers have the power to investigate their sites on environmental grounds. But in both cases there are limited resources to do so, and a forgivable reluctance to enter a potentially hostile environment. This reluctance is enforced by the fact that court fines are rarely high enough to act as a real deterrent. The police could help, but they have to gather enough evidence to obtain a full warrant to enter these illegal operations. The latest metal thefts have led to calls for a ban on cash transactions. But banning cash payments will force anyone seeking cash for scrap – however legitimately – to use illegitimate traders, making policing metal theft even harder. We believe that looking at the legislation and penalties for tackling and closing illegal sites would have a much greater impact. Our company has many contracts with the manufacturing industry. Cash transactions are a small but important part of our business, and are still a legitimate means of trade for plumbers, electricians and many other small businesses. Setting up the relevant systems and operating transaction fees associated with cashless payments will place an unnecessary burden on metal recyclers. Many cash transactions are for small amounts and are of an ad hoc nature, and this value will be eroded by any cashless system, meaning less value to consumers and small businesses. The legitimate metals recycling industry is not the perpetrator of metal theft; we act as the last chance to catch these criminals and are working with the police to achieve this. Like other large organisations, we have suffered significantly from metal theft and are undergoing a radical overhaul of our security systems and technology. As with any property, the onus must be on the owner of that material to ensure its security and minimise the risk of theft.
Friday, 27 January 2012
Monday, 23 January 2012
The Abu Dhabi General Prosecution for Public Funds has ordered the detention of two Europeans and other individuals on charges of embezzlement and fraud.
A year ago, the suspects are alleged to have started a fake project selling properties in the United Kingdom at competitive prices. They allegedly targeted UAE investors. Investigations have since revealed that the company does not have a real estate licence and that the accused defrauded 40 investors. The General Prosecution seized around Dh3 million the suspects allegedly swindled from their victims, in addition to Dh100,000 found while inspecting the fake company. Another Dh250,000 in the firm's account was also confiscated. Article continues below The central bank has been asked to give a report on all the transactions carried out by the company. The means of information technology used by the defendants for the management of their operations have been identified by authorities, with Interpol being asked to arrest the other defendants in the case. An official in the Attorney-General's office urged investors in the UAE to be on their guard and to ensure the companies they deal with are authorised to carry out real estate activities in the country.
Asil Nadir faces £34m theft charges in biggest ever fraud trial
The biggest ever British fraud trial begins today when Turkish-Cypriot tycoon Asil Nadir stands up at the Old Bailey to face £34million theft charges. He is accused of 13 counts of theft dating back to the 1980s from Polly Peck, his failed business empire that folded in 1990 under the weight of its £1.3billion debt. When he joined Polly Peck in the early 1980s it was an ailing textiles firm which he transformed into a FTSE 100 conglomerate that housed the Del Monte fruit business and the Sansui electronics firm. On trial: The SFO alleges that Nadir transferred millions out of Polly Peck in the years preceding its collapse Following the collapse he jumped a £3million bail and fled in 1993 to Cyprus, which has no extraditions treaty with the UK, but returned in August 2010 stating he wanted to clear his name. Nadir has argued in the past that there was a grave abuse of process in the case brought against him by the Serious Fraud Office. For years he has alleged that the police and the SFO placed the judge in his case under improper pressure, made false allegations of corruption against him and his advisers and seized documents necessary for his defence. The 70-year old has pleaded not guilty to the 13 charges, which include theft of £33.1million and £2.5million from the company between 1987 and 1990. Under Nadir’s leadership the firm’s market value ballooned from £300,000 to £1.7billion, and an investment of £1,000 from the late 1970s would have been worth £1million at its peak. The SFO alleges that Nadir transferred millions out of Polly Peck in the years preceding its collapse. Its demise hit pension funds and small shareholders. The case is due to last at least four months. Nadir’s fall embarrassed John Major’s Conservative government after it emerged that a Tory minister, Michael Mates, had given Nadir a watch engraved ‘Don’t let the buggers get you down’. Mates, the minister of state for Northern Ireland, resigned over his links to the businessman. Nadir was a major donor to the Tories, pouring more than £1million into party coffers between 1986 and 1990. He was a regular guest in Mrs Thatcher’s Downing Street, and was consulted on overseas development and Middle Eastern trade.
No one calls him Sir Allen Stanford anymore. He is inmate number 35017-183.
On Monday, the Texas financier heads to court in Houston to battle charges that he operated a $7 billion Ponzi scheme from Stanford International Bank Ltd, his offshore bank on the Caribbean island of Antigua. By all accounts, his was a life of luxury, filled with private jets, yachts, mansions and the sport of cricket. Deemed a flight risk in June 2009 by a federal judge, the 6-foot billionaire has been in jail, sporting prison-issue green and orange jumpsuits and shackles instead of the dark, tailor-made suits he once ordered in bulk. Stanford, a native Texan who was knighted by the government of Antigua in 2006, is accused of misleading investors about certificates of deposit (CDs) issued by his offshore bank, in one of the biggest white collar fraud cases since Bernard Madoff. The CDs were touted as safe, with funds "generally invested in investment grade bonds, securities and foreign currency deposit," according to literature distributed by Stanford's brokerage firm. Instead, prosecutors allege, Stanford invested CD proceeds in illiquid pet-project investments that included Caribbean real estate, a Cowboys and Indians magazine and a pawn shop operator. He also loaned more than $2 billion to himself. The alleged Ponzi scheme started to unravel in late 2008 as the financial crisis deepened and more and more investors asked for redemptions, a situation that left Stanford scrambling for cash. Prosecutors will likely rely heavily on the testimony of the firm's former Chief Financial Officer James Davis, who pleaded guilty in August 2009 and has been cooperating with the government. The two men were college roommates at Baylor University in Waco, Texas. In past interviews, Stanford has blamed Davis, a theme that is likely to be repeated by the defense at trial. "I didn't oversee anything in the investment portfolio, that was the CFO's responsibility," Stanford told Reuters in a 2009 interview. "The CFO had investment committees, the chief investment officer reports to him." Stanford, 61, has pleaded not guilty to 14 criminal counts of fraud, obstruction of a federal investigation and conspiracy to launder money. Among the alleged crimes prosecutors expect to prove to the Houston jury is that Stanford was involved in falsifying financial statements and made false statements about Stanford International Bank's financial condition. PAUPER IN LOVE Stanford's health has declined since his arrest. He was injured in a jailhouse brawl in 2009 and suffered from an addiction to a powerful anti-anxiety medication. He has hepatitis B and cirrhosis of the liver, and, if convicted, will likely spend he rest of his life in prison. The SEC seized all of Stanford's assets in February 2009 after filing a civil lawsuit. His lawyer at the time, Dick DeGuerin, said the government's action did not even leave enough money for his client to buy underwear. Once No. 205 on Forbes' list of richest Americans, Stanford's defense is paid for with U.S. tax dollars and his 81-year-old mother is struggling to help. "I've maxed out my credit cards and I'm on my last few thousand dollars of savings," said Sammie Stanford. She even had to do a reverse mortgage on her home "to get some extra cash," she said in December after a court hearing. After his arrest, Stanford had a bevy of women, four of whom are mothers of his six children, attend his court hearings. He had a "fiancee" half his age even though he remains legally married. Stanford lavished the women in his life with trips on private jets, luxury homes and, in one instance, spousal support payments of $100,000 per month, according to court documents. His oldest daughter, Randi, lived in a luxury Houston high-rise paid for by her father, for whom she worked. Court records from a 2007 paternity case, that was settled, showed Stanford also paid about $150,000 a year in child support for two other children who lived with their mother in a $10 million house in Florida. But now, in addition to losing his fortune, Stanford has only the support of his parents and family and not the harem of loyalists seen earlier. Only his mother lasted through the entire three days of testimony last month at a hearing in which Stanford was judged competent to stand trial. The man who once ran a business with operations in 140 countries has different priorities now. In a recent court hearing he could be heard complaining about being served a peanut butter sandwich on stale bread.
Wednesday, 18 January 2012
World Bank warns emerging nations to prepare for slump
In a report sharply cutting its world economic growth expectations, the World Bank said Europe was probably already in recession. If the euro area debt crisis deepened, global economic forecasts would be significantly lower. "The sovereign debt crisis in the eurozone appears to be contained," Justin Lin, the chief economist for the World Bank, told reporters in Beijing on Wednesday. "However, the risk of a global freezing-up of the markets and as well as a global crisis similar to what happened in September 2008 are real." The World Bank predicted world economic growth of 2.5pc in 2012 and 3.1pc in 2013, well below the 3.6pc growth for each year projected in June. "We think it is now important to think through not only slower growth but sharp deteriorations, as a prudent measure," said Hans Timmer, director of development prospects at the bank.
Saturday, 14 January 2012
Man arrested on suspicion of murder
24-year-old man has been arrested on suspicion of murder over the death of a couple in Birmingham. Carole, 58, and Avtar Singh-Kolar, 62, were found dead at their home in Handsworth Wood on Wednesday. Post-mortem tests confirmed the couple died as a result of blunt force trauma to the head and that both had been struck a number of times. Their bodies were discovered by their son, Jason, who is an officer with West Midlands Police. Officers arrested the man at a house in the city on Friday night. He has been taken to a police station in the West Midlands where he is being questioned on suspicion of murder. Det Supt Richard Baker, who is leading a team of more than 60 officers assigned to the case, said: "This was a horrendous attack. "We continue to follow a number of lines of enquiry and we thank those who have called us so far. We encourage anyone with information to speak to us no matter how insignificant they feel the detail is." Crimestoppers said the double murder was a "vile crime" and has put up a £10,000 reward for information leading to the arrest and conviction of those responsible. 'Special people' The couple had four children and eight grandchildren. At an emotional press conference on Thursday, two of the children made a desperate plea for help to catch their killers. Daughter Michelle Kirwan, 39, described them as "the sweetest, kindest people that I have ever met". She said: "Our hearts are broken forever and our lives will never be the same." Detectives have said they are looking into a number of lines of inquiry, including a rise in burglaries and gold thefts in the area. Speaking earlier this week, Mr Baker said a possible link between Jason Kolar's position with the force and his parents' death was "not a significant line of inquiry".
Friday, 13 January 2012
Royal Navy captures 13 Somali pirates
The Royal Navy has captured 13 Somali pirates in the Indian Ocean, the Ministry of Defence says. RFA Fort Victoria and a US Navy vessel intercepted the pirates' boat, which had refused to stop despite warning shots from a Royal Navy helicopter. Royal Marines in speedboats approached the vessel and boarded it, capturing 13 pirates and seizing weapons. Defence Secretary Philip Hammond said the UK troops, part of a Nato-led force, could be "proud" of the success. "The Royal Navy and Royal Marines are playing a crucial role in securing and protecting international sea lanes that are vital to global trade," the minister said. The dhow was identified as a known pirated vessel operating in Indian Ocean shipping lanes Capt Gerry Northwood, who leads the counter-piracy operation on RFA Fort Victoria, said: "This firm and positive action will also send a clear message to other Somali pirates that we will not tolerate their attacks on international shipping." The operation was carried out around dawn on Friday. Capt Shaun Jones RFA, commanding officer on RFA Fort Victoria, said: "To manoeuvre such a large ship at speed in close vicinity of a nimble dhow takes extreme concentration and skill; my team were never found wanting. "The 13 Somalis certainly found Friday 13th unlucky for them.
Child benefit cut will go ahead, says Osborne
Chancellor George Osborne has said child benefit for higher rate taxpayers will be removed, after ministers' hints the policy could be made "fairer". But he said he would set out in the next months how the policy would be implemented. David Cameron acknowledged there was an issue with the £42,475-a-year threshold - amid criticism the changes unfairly hit single earner families. Labour said the policy was "unravelling already" and was an "utter shambles".
