The SFO is not to open an investigation into Equitable Life Assurance Society.
Following careful consideration of the available evidence, including the Penrose Report and material held by the Society and following the result of the Society's case against its previous auditors and some of its former directors, the Serious Fraud Office confirms that nothing has emerged which would justify a full criminal investigation in to the affairs of the Equitable Life Assurance Society.
Notes:
- The SFO last made a press release on this subject on 8 March 2004. See www.sfo.gov.uk News/2004
- The events at the Society leading up to its closure to new business were investigated by Lord Penrose and his report was published in March 2004. The Penrose Inquiry team provided considerable assistance to the SFO and the Society has co-operated with the SFO during its work.
- The SFO had postponed making or publicising a final decision while the Society was taking civil legal action against its former auditors and some of its former directors. This legal action has now ended.
- The SFO considers cases referred to it so that the Director is able to take a decision whether to commence an investigation. In making this decision the Director takes a number of factors in to account including whether there are likely to be realistic prospects of obtaining convictions should the investigation discover evidence of criminal offences having been committed.
Serious Fraud Office
Elm House,
10-16 Elm Street,
London WC1X 0BJ
Tel: +44 (0)20 7239 7001,
Fax 44 (0)20 7837 1173,
www.sfo.gov.uk
