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Serious Fraud Office to investigate AIG’s UK financial products arm

The Serious Fraud Office has announced that it is to launch a preliminary inquiry into the UK operations of AIG Financial Products Corps.

The SFO is conducting the investigation in tandem with the FSA and US authorities, who are already conducting an investigation into conduct at AIG Financial Products Corp.

AIG says it is in full cooperation with SFO in the inquiry, which does not cover its insurance operation in the UK.

SFO director Richard Alderman says: “It is right for us to look into the UK operations of AIG Financial Products Corp to determine if there has been criminal conduct. We will use our full range of powers to seek information and to speak to those with an inside knowledge of the company’s operations.”

AIG began the process of unwinding certain of AIGFP’s and its subsidiaries’ businesses and portfolios, including those in the UK, late last year.There are approximately 370 employees in the firm worldwide who are working on the winding down of the business.

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