Britain's Serious Fraud Office (SFO) confirmed yesterday it will not pursue charges against the UK arm of Bernard Madoff's investment firm as it seeks to broaden out its investigation.
"Following a thorough review of all the available evidence (the SFO) has decided to take no action against either the company or its directors, there being insufficient evidence to provide a realistic prospect of conviction," a statement said. It confirms what a person familiar with the investigation told Reuters in December that the SFO would drop its focus on the UK arm Madoff Securities International in order to target the feeder funds that funnelled money to the US parent.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.