Day: July 22, 2020

HMRC to clampdown on businesses that have abused the Furlough scheme

Furlough has undoubtedly been a huge success. According to the British Chamber of Commerce, since March the scheme has been used by two thirds of British businesses supporting approximately 9.4 million jobs.

Yet at a cost approaching an eye-watering £30 billion to the taxpayer, it is understandable that the Government has confirmed it is now “using every tool and piece of intelligence to prevent, detect and disrupt fraud” in relation to the scheme.

The recent arrest of a 57-year-old businessman in the West Midlands for allegedly making fraudulent CJRS claims to the tune of £0.5m was unmistakably high profile. It was reported to be the first example of a wider clampdown that is now underway.

Businesses of all shapes and sizes, which have tapped into the furlough scheme substantially or in a modest way, Richard Fox and Nicola Finnerty at Kingsley Napley LLP explain that those businesses now need to

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ITI Capital appoints Steve Kelso as head of capital markets

ITI Capital, the EM-focused multi-asset Prime Broker for institutional investors and private clients, has today announced the appointment of Steve Kelso as head of capital markets.

Steve Kelso joins ITI having just spent two years building Galaxy Digital’s business in Europe. Before that, he was CEO of FirstRand’s Multi-Asset business, Ashburton International. There, he oversaw new highs in assets under management (AUM) and fund performance net asset value (NAV).

Throughout the Global Financial Crisis, Stephen ran the Central Risk Engine and financing businesses at Renaissance Capital. Previously he ran the $700mm Global Volatility arbitrage fund at KBC. He started his career at Goldman Sachs and Lehman Brothers, where he ran index options trading.

Kelso is an expert in capital markets and digital assets and will be bringing a wealth of expertise in cryptocurrency to ITI Capital, on top of 24-years experience in building trading businesses and hedge funds at leading

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Washington Biz Journal publisher Abrahams resigns

Peter Abrahams

Peter Abrahams, market president and publisher of the Washington Business Journal since November 2018, will be departing this summer to pursue a new opportunity, reports Vandana Sinha of the Business journal.

Sinha reports, “He said he can’t give more specifics yet of the new move, but he added that it will take him back and forth from D.C. to Baltimore starting later this year. His last day with the WBJ will be Aug. 3.

Read more here.

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