🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

UK fraud office backs down in ENRC privilege battle

Published 02/10/2018, 18:08
© Reuters.  UK fraud office backs down in ENRC privilege battle
HG
-

By Kirstin Ridley

LONDON (Reuters) - The UK Serious Fraud Office (SFO) said on Tuesday it would not appeal a landmark judgement that allows ENRC, a mining company it is investigating over allegations of fraud, bribery and corruption, to keep documents out of the hands of authorities.

In a ruling welcomed by anxious corporate legal departments, ENRC last month won a London appeal in a dispute about the scope of legal professional privilege, which ensures the advice lawyers give clients remains confidential.

London's Court of Appeal partially overturned a court decision that had dismayed companies and lawyers because of fears that internal investigations into allegations of wrongdoing could unwittingly create a document trail that could be handed to prosecutors in future legal proceedings.

The SFO said at the time that the facts of the case were complex and that it was exploring whether to seek a further appeal at the Supreme Court. But on Tuesday, new SFO director Lisa Osofsky decided to drop the case.

"The director has decided not to seek to appeal the judgement...," the SFO said in a statement.

The agency noted, however, that it would continue to assess the merits of all privilege claims and "remains prepared to challenge those it considers to be ill-founded".

Lawyers argue that legal professional privilege is a fundamental right and an important check on the power of the state.

"This is a welcome recognition from the SFO that the Court of Appeal's decision is correct in law and that the approach they were advocating for earlier in the case was misguided," said Judith Seddon, a partner at law firm Ropes & Gray.

Michael Potts, a lawyer at Byrne and Partners, said the SFO had correctly concluded that any application to appeal further was bound to fail because the original court judgement had been "flawed".

The SFO had fought the ENRC over access to documents such as notes of interviews with employees and former staff conducted by Dechert, the miner's former law firm, and documents produced during a "books and records" review by forensic accountants.

The SFO's ENRC investigation, which began in 2013, is focussed on the miner's acquisition of mineral assets in Kazakhstan and Africa. The company has denied any wrongdoing.

ENRC did not immediately respond to a request for comment.

The miner was taken private by its three founders and the Kazakh government in 2013 following a series of boardroom battles, six years after listing on the London Stock Exchange.

It has been renamed ERG (Eurasian Resources Group), is registered in Luxembourg and has ferrochrome, aluminium, iron ore and energy operations in Kazakhstan, copper and cobalt assets in Africa and iron ore mines in Brazil.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.