Archive for: January 2015

UK SFO Closes Investigation on HP-Autonomy Fraud

The controversial $11.1 billion HP purchase of the UK developer Autonomy has raised many eyebrows. Meanwhile, the UK Serious Fraud Office had closed its investigation, citing the lack of information available to the SFO as its reason.

According to HP, due to many “accounting misrepresentations” at Autonomy, HP has taken a $8.8 writedown of its purchase of the software company. HP had claimed that its former executives and accountants have created a “multimillion dollar fraud” at the company.

The SFO has sent jurisdiction over to US Authorities whose investigations are ongoing.

The USEC and FBI are still conducting investigations regarding the matter.

Meanwhile, a counter-document in December 2014 surfaced, with Autonomy founder Mike Lynch saying that HP has made false representations to the market” over the writedown.

The document proved that HP has not determined whether hundreds of millions of transactions were improperly booked at the time it took its huge charge on Autonomy.

HP responded: “the same fertile imagination that was behind a massive fraud is apparently still hard at work making up stories. We would encourage Mr Lynch to spend as much time as possible with the authorities.”

HP also indicated its plans to sue Lynch, Former Autonomy Chief Financial Officer Sushovan Hussain and company Auditor Deloitte for fraud. All parties have denied wrongdoing.

Source

Syrian Refugees Feel The Hurt of Lebanon Curbing

Lebanon’s government has implemented restrictions against Syrian refugees for good reason. They are receiving moderate international support for the refugees and their economy is suffering. The roads leading to Lebanon from Syria had become almost empty as the new restrictions were imposed.

The United Nations still wants Lebanon to explain “the most vulnerable refugees” from Syria and how they can gain access to Lebanon.

Today, there are more than a million refugees in Lebanon. A senior minister pointed out that Lebanon’s capacity is at its peak.

“We have enough. There’s no capacity anymore to host more displaced,” Interior Minister Nohad Machnouk said at a news conference on Monday.

Millions of Syrians have been displaced by the civil war as rebel forces try to oust President Bashar al-Assad.

Before the new measures, Syrian refugees could stay in Lebanon up to six months. These new measures need Syrian refugees to fulfil a criteria before they could have a visa to enter the country.

According to Lebanese Lawmaker Basem Shabb “It’s clear to most Lebanese that this situation cannot continue… because it will affect not only the Lebanese but finally it will affect the Syrian refugees in Lebanon if Lebanon descends into chaos.”

There are large numbers of Syrians already in Lebanon who are not registered as refugees. Government officials have said those already in the country would not be forcibly expelled.

Source