DISGRACED hedge fund tycoon Crispin Odey has been fined £1.8million and banned from working in finance for a “lack of integrity”.
It comes amid his handling of multiple sexual harassment allegations against him.
It was revealed for the first time yesterday by the Financial Conduct Authority that Odey’s own firm had found in 2021 he made “inappropriate physical contact” and “inappropriate and unprofessional comments” to female staff.
However, the firm judged him to be a “fit and proper person” and only issued a written warning.
Minutes from the board meeting said Odey was “embarrassed by the allegations and admitted there were certain things he had done wrong”.
The FCA revealed it was banning him not because of the sexual misconduct but because of his “reckless disregard” in his handling of the complaints.
Odey’s fund, Odey Asset Management, made £220million betting against the pound during the EU referendum, despite him being a prominent Brexiteer.
In 2023, he quit the firm he founded after an investigation by the Financial Times detailed allegations by 20 different women of sexual harassment and assault over decades.
The FCA’s Therese Chambers said: “His lack of integrity means he deserves to be banned.”
Odey continues to deny the allegations and is fighting a personal injury claim against one of the women who has made the allegations, as well as a libel claim against the Financial Times.
He has told the FCA he will challenge its decision by referring it to the Upper Tribunal, which has equivalent status as a high court.
Crispin Odey has been fined £1.8million and banned from working in finance[/caption]
LEAKY THAMES LUCKY
Thames Water has avoided being taken into Government ownership[/caption]
The firm, led by Chris Weston, is still seeking a rescue bidder[/caption]
THAMES Water has avoided being taken into Government ownership after a court of appeal yesterday approved a controversial £3billion lifeline from its creditors.
Campaigners and bondholders, who face being wiped out in the restructuring, had challenged the deal, arguing the “eye-watering” interest costs of 9.75 per cent were not in the public interest.
Thames Water can now immediately access £1.5billion to avoid running out of cash at the end of this month.
The firm, led by Chris Weston, is still seeking a rescue bidder.
BANK SET TO OPEN ACCOUNT
COMMUNITY bank North West Mutual has filed its banking licence application with the regulator amid plans to open its first branch in the second half of 2026.
North West Mutual, which is headquartered in Preston, is planning to have up to 60 branches across the North West and fill the gaps of other high-street branch closures.
Preston City Council has released £250,000 of seed-money — where an investor puts capital in a startup company in exchange for an equity stake in it — to get the financial venture off the ground.
Dave Burke, chief executive, told The Sun that NWM would have its first meeting with the Bank of England’s regulator on April 4.
GROCERS PANIC ON ASDA BID
BRITAIN’S biggest grocers took a beating yesterday as investors worried profits could be squeezed in a price war.
The tumbling shares came after Asda announced on Friday its turnaround would focus on investing its biggest ever “war chest” in slashing prices — both at the pumps and in supermarkets.
Clive Black, analyst at Shore Capital, said a resurgent Asda could force rivals to compete and so their profits would be under pressure.
However, he said “we need to remember that the listed players are better grocers than Asda”. Analysts at Jefferies expect a “proactive response” from Tesco on price.
An Asda-led price war would be good for shoppers as it could mean cheaper groceries.
Tesco closed the day down 4.36 per cent, Sainsbury’s was 1.6 per cent lower at the close and M&SR was down by 3 per cent.
MHA FAST LIST PLAN
ACCOUNTANCY firm MHA is to add life to the stock market with a £350million listing in the coming weeks.
The firm, which has 26 offices and 1,800 staff, has confirmed plans to raise £125million by selling shares to investors.
Around £80million of the proceeds will be split between 60 current and retired partners at the firm.
The rest will be used for technology investment.
PROFITS BLOW AT QINETIQ
Efficiency cuts at the Pentagon have impacted defence firm Qinetiq’s shares[/caption]
DEFENCE firm Qinetiq’s shares yesterday tumbled by a fifth after a shock warning that its profits and revenues will be lower due to uncertainty at home and in the US.
The FTSE 250 group, which makes technology for defence robotics, surveillance and cyber security, flagged delays to a number of contract awards in intelligence work.
While the UK Government has committed to boosting defence spending to 2.5 per cent of GDP by 2027, a strategic defence review is delaying some contracts.
Efficiency cuts at the Pentagon have also impacted the business in the US. QinetiQ is having to book a £140million writedown and faces a hit to its US businesses of £40million.
To soften the blow it launched a £200million buyback.
It expects to be “boosted by commitments to increased spending in the UK and Europe” on the back of a global “evolving threat environment”.
TESCO is spending £180million boosting shop worker pay by over 5 per cent.
Staff will get an increase from £12.02 an hour to £12.45 from the end of this month, or from £13.15 to £14.36 in London.
But a 10 per cent Sunday pay premium will be axed.
