Thursday newspaper round-up: Mike Lynch, smart meters, Very Group
By Michele Maatouk
Date: Thursday 23 May 2024
(Sharecast News) - San Francisco federal courthouse on Thursday as a key witness in his own criminal fraud trial, which began in March. US authorities have charged the former software tycoon with 16 counts of wire fraud, securities fraud and conspiracy relating to his company's acquisition deal with Hewlett-Packard in 2011. If convicted, Lynch faces up to 25 years in prison. He has pleaded not guilty. - Guardian
The number of gas and electricity smart meters that are not working properly is likely to be higher than government figures suggest - possibly 20% to 30% of the total - according to research from Citizens Advice. The charity said millions of households were missing out on the promised benefits from smart meters due to "problems with technology" and poor supplier customer service. - Guardian
The Barclay family have been forced to put their online retailer Very Group up for sale in a bid to tackle its mounting debts, including hundreds of millions owed to Abu Dhabi's ruling family. Brothers Aidan and Howard, who oversee the Barclays' dwindling business empire, have had to agree to either sell the entire company or a stake in the business as part of a complex rescue refinancing deal hammered out with its biggest creditors earlier this month. - Telegraph
Plans for a highly anticipated "Tell Sid" sale of NatWest shares owned by the government to the public are expected to be put on hold after Rishi Sunak called a general election. Advisers working on the deal had been poised to begin the sale process as soon as next month, but the prime minister's decision to hold a snap election on July 4 means that a retail offer in June is now highly unlikely to go ahead, according to sources. - The Times
The Crown Estate is to spend £1.5 billion over the next decade building more laboratories nationwide and will start by redeveloping the old Debenhams store in Oxford city centre. The King's property company, which looks after the royal family's £16 billion historic land portfolio, will invest £125 million to buy the former department store and will turn it into laboratory space. - The Times
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