Debenhams accused of bad faith as hope fades for rescue deal. Mike Ashley issues scathing rebuke after Debenhams (DEB) sets out conditions for takeover deal. Debenhams has told billionaire Mike Ashley to agree a four-point plan to have any hope of achieving a last-gasp deal to take over the ailing department store group. But as the retail tycoon on Sunday night accused the department store of “falsehoods and denials” – and suggested its board take lie-detector tests – the prospects for a tie-up are fading rapidly. If a deal with Ashley’s is not hammered out it is likely that Debenhams’ creditors will on Monday night put the group into “pre-pack administration”, likely to result in the closure of 50 stores and the potential loss of thousands of jobs. In such a deal, the 29% stake in Debenhams held by Ashley’s Sports Direct will become worthless.
Standard Chartered readies for huge US fine over Iranian activities. Bank has put aside £700m to settle charges relating to Iranian sanctions busting. Standard Chartered (STAN) is bracing itself for a bumper fine this week that could total hundreds of millions of pounds as it settles US charges over Iranian sanctions violations. The London-headquartered but Asia-focused bank is expected to draw a line under a long-running investigation into sanctions busting by Wednesday when a six-year deferred prosecution agreement (DPA) with US authorities is set to expire. DPAs allow firms to settle charges with state authorities without facing criminal prosecution. The companies must agree to specified conditions, which can include a fine and their conduct being monitored for a set period.
