With 2008 ending with the collapse of its largest prosecution, the outlook for 2009 looks rather bleak for the Serious Fraud Office. Rod Fletcher and Shula de Jersey report on the impact of Operation Holbein
There is little doubt that 2008 was a difficult year for the Serious Fraud Office (SFO). It began with it receiving adverse criticism over the BAE corruption investigation; and then in June, Jessica de Grazia’s report detailing her review of the SFO was published, highlighting low conviction rates and unfocused investigations. Her report was published at a time when the new director, Richard Alderman (pictured below left), was beginning a radical overhaul of the SFO’s structure. The departure of a number of senior SFO figures followed and it was reported that staff morale was at an all-time low. The year ended with the collapse of the SFO’s largest and most costly prosecution to date, the pharmaceutical price-fixing case known as Operation Holbein.
