Nadir appeared in court after arriving back in the country to face formal charges of theft.
This past Friday, Asil Nadir walked into a British courtroom seventeen years later than expected. Despite the request for a quick trial and conclusion to the highly public case, the judge Mr. Justice Bean, said the trial will not begin until October 2011. Mr. Nadir, a 69 year old tycoon that fled the country seventeen years ago to escape a trial is accused of charges of theft associated with his business Polly Peck.
The AA has reported that due to the increased number of fraudulent claims, car insurance premiums have increased 11.5 per cent over the last 90 days. The average price of a normal, comprehensive coverage, car insurance premium for the year is just over 700 pounds. This cost has increased more than 30 per cent over the last 12 months. It is quite possible that the basis for the increase in premium is comparison websites encouraging fraud.
In today’s shady economy, the financial wolves have turned to life insurance as a main hard sell. Lending is right down, house prices are dropping, first time buyers cannot get on the property ladder and people find it hard to get credit cards. Mortgage brokers are going to the wall daily, mostly due to the [...]
Almost 500 jobs will be cut in Standard Life’s corporate headquarters. Approximately 600 jobs total are going to be omitted. An internationally recognised business, Standard Life is a long term savings and investment company with headquarters located in Edinburgh.
Motor insurance company, Admiral, saw a boost in new UK customers during the first half of 2010, to the tune of 23 per cent. That equaled almost 2.5 million new UK customers choosing their cover, as safety on the road. Foreign sales remain weak, but Admiral emphasizes that most markets outside this country are still in their infancy.
The insurance line of RBS is up for sale, and it may have caught the watchful eye of Warren Buffett. Berkshire Hathaway, Buffett’s investment group, has apparently expressed interest in adding the insurance business to the investment empire. RBS announced earlier in the week that any potential investors are more than welcome to take a look at the deal, which prompted the attention of Warren Buffett and his group.
The RBS announced on Thursday the details of the restructure of its insurance division. Approximately 2000 jobs, of the total 16,000, will be cut, according to the company. On the physical location side, 14 insurance centers of 36 across the UK will close over the next 3 years. The UK government owns a little over 80 per cent of the embattled bank.
