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Woodford-backed biotech firm ‘can’t prevent fraud’


The biotech company in which Neil Woodford holds a 25 per cent stake has admitted it lacks the proper systems and controls to detect and prevent fraud.

The Sunday Times reports Northwest Biotherapeutics has revealed “seven material weaknesses” in relation to fraud prevention processes.

In its annual report, Northwest says it “did not maintain an effective anti-fraud programme designed to detect and prevent fraud relating to an effective whistleblower programme or other comparable mechanism and an ongoing programme to manage identified fraud risks”.

It adds there was a “lack of controls . . . to ensure that all material transactions and developments… are properly recorded”.

Woodford has spent over $180m (£122m) to build up a 25 per cent stake in the business, which as of 29 April was worth $36m.

Northwest is yet to publish the findings of an investigation into allegations its chief executive Linda Powers had funnelled money from Northwest into other businesses she controls.



Woodford fund tops list of best-selling Isas

CF Woodford Equity Income has topped the best selling funds within Isas from the Bestinvest online investment service this year. Tilney Bestinvest Growth Portfolio and Fundsmith Equity came in second and third, while Threadneedle rounded out the top five with its UK Equity Income  and European select funds. The rankings come against a backdrop of […]


Neil Woodford: Dividend risk is here to stay

From an equity investment perspective, the world looked a risky place as we entered 2016 and these risks have already weighed heavily on financial markets in the first few weeks of the year. January’s extreme weakness persisted until the middle of February, before stocks staged a tentative and lopsided recovery. As has so often been […]


Woodford-backed challenger bank launches

Atom Bank, the challenger bank backed by Neil Woodford, has launched after being granted its banking licence. The branch-fee bank has launched its banking app, nine months after getting its banking licence. The challenger bank had originally planned to launch in 2015. The app is available to all pre-registered customers on iPads and iPhones, with an […]

Creating opportunity out of change

By Denise Wond, marketing manager The buy-to-let market has recently been the subject of a raft of tax changes, all of which make it a less profitable and less appealing proposition for investors. In response, we’ve seen a dip in demand for BTL mortgages and that’s bad news for many advisers who will now be looking […]

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