Reuters was first to report that the Mexican state energy company Pemex has received a settlement worth more than $30 million from Vitol, including a $23 million cash payment, over a graft scandal that halted deals with the Swiss-based trader, documents showed.
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Harrods is investigating whether any current staff members were involved in the allegations against the store’s former owner, Mohamed Al Fayed.
The late Egyptian tycoon has been accused of rape and sexual assault by multiple women who worked at the iconic London store.
The department store is in direct communication with the Metropolitan Police and has opened an internal review to determine whether the billionaire’s colleagues played any part in the attacks.
Harrods has also said “there is an ongoing internal review” that includes “looking at whether any current staff were involved in any of the allegations either directly or indirectly.”
More than 100 women, including many of the Al Fayed’s former employees, have accused him of raping and sexually assaulting them before he died last year at the age of 94.
Victims have also accused Harrods staff of helping Al Fayed “cherry pick” young women and facilitating his sexual abuse. Their lawyers added there was a “machinery” surrounding the businessman that enabled him avoid facing justice for the attacks.
One victim claimed that a senior Harrods manager who still works at the store failed to investigate a complaint she made accusing Al Fayed of sexually assaulting her in 2008.
Sources within Harrods have said the business has accepted vicarious liability for the conduct of Mr Al Fayed for the purpose of settling claims of alleged victims brought to its attention since 2023, reaching settlements with the vast majority.
Harrods added on Monday that its “settlement process was designed in consultation with independent external counsel and experts in personal injury litigation.
“All claims settled to date and moving forwards will be based on the guidance of these external individuals to ensure swift and impartial outcomes for the victims.”
The Knightsbridge store described Al Fayed as an “individual who was intent on abusing his power” after the allegations were revealed in a BBC documentary last week.
Bruce Drummond, a barrister representing a group of victims, accused the department store of knowing “for years about the systematic abuse that took place” there and called on its long-serving managing director, Michael Ward, to clarify “what he knew and when”.
Mr Ward, 68, who was paid £2.1m last year, was appointed by Al Fayed in 2005, before Qatar purchased Harrods through its Qatar Investment Authority in 2010 for £1.5 billion.
Harrods said that Ward would not be involved in its settlement scheme for Al Fayed’s victims after it agreed to compensate them.
Mr Drummond said: “Michael Ward should be clear on what he knew when and should have nothing to do with liaising with victims today.
“It’s a complete conflict of interest for Harrods to say they have an internal process in place to deal with this scandal. They have known for years about the systematic abuse that took place and only chose to half-heartedly act when they knew the accusations were going to be made public.
“Harrods cannot be marking their own homework. They are trying to whitewash this whole process. If they are serious about righting the wrongs of the past they should provide the survivors with independent counsel.”
Harrods said: “As part of our due diligence there is an ongoing internal review, supported by external counsel, including looking at whether any current staff were involved in any of the allegations either directly or indirectly.
“In addition, the Harrods board has established a non-executive committee of the board to further consider the issues arising from the allegations. Harrods is also in direct communication with the Metropolitan Police to ensure we are offering our assistance with any of their relevant inquiries.”
DealsEnergy
02 October 2023, 12:41 pm 1 minute
Market Impact
In return, Pemex has lifted its three-year ban on business with the world’s largest independent commodities trader, according to the settlement, the terms of which have not previously been reported.
Article Tags
Topics of Interest: DealsEnergy
Type: Reuters Best
Sectors: Business & FinanceCommodities & Energy
Regions: AmericasNorth America
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
Loose Women star and singer Jane McDonald appeared on The One Show on Monday to discuss her new book but conversation later turned to her big "cruising" anniversary
Business & Finance
14 August 2024, 8:15 pm 1 minute
Reuters was first to report that billionaire investor William Ackman built new stakes in sportswear company Nike during the second quarter. A regulatory filing reviewed by Reuters showed that Ackman’s hedge fund Pershing Square Capital Management owned roughly 3 million shares of Nike, amounting to a roughly 0.19% ownership. Nike’s stock, which has tumbled 26% since January, rose 4% in after-market trading.
Market Impact
Nike’s stock, which has tumbled 26% since January, rose 4% in after-market trading.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Regions: Americas
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
Business leaders often avoid talking about inequity and inequality of any kind; after all, it is their job to keep the company out of trouble, so why address an issue you’re not prepared to solve? Salesforce CEO Marc Benioff didn’t follow that playbook when he spoke with Yahoo Finance Executive Editor Brian Sozzi at Dreamforce last week, as he spoke very directly on Salesforce’s efforts toward pay parity. “We’re committed to equality in our company; it’s a core value. Men and women will get paid equally for the same work,” he stated. Without hesitation, he even added a frank takeaway: “It wasn’t very hard to do.”
For full episodes of Opening Bid, watch on our website or listen on your favorite podcast platform.
CommoditiesEnergy
07 June 2024, 7:28 pm 1 minute
Reuters was first to report that Norwegian pipeline operator Gassco suffered an outage of gas exports to Britain that pushed Europe’s benchmark gas price to its highest level this year. Reuters revealed that the outage was caused by problems onboard an offshore platform, and later also broke the news when the flow of gas resumed after five days.
Market Impact
Norway in 2022 overtook Russia as Europe’s biggest gas supplier after Moscow’s invasion of Ukraine, meeting roughly a quarter of the continent’s demand and making any outages at Norwegian fields a possible trigger for higher prices.
Article Tags
Topics of Interest: CommoditiesEnergy
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Europe
Countries: Norway
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
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