Acquisition
The Law Debenture Corporation p.l.c.
Fifth Floor
100 Wood Street
London
EC2V 7EX
12 December 2007
Law Debenture Acquires Whistle Blowing Firm
The Law Debenture Corporation p.l.c. ("Law Debenture") announces that, within
its trustee services business, it has acquired Safecall Limited ("Safecall"),
the UK's leading whistle blowing firm, for an undisclosed sum.
Safecall provides an independent outsourced whistle blowing service to major
public and private sector organisations, including Aviva, BNFL, British
Airways, City of London Police and Transport for London.
Economic crime is estimated to be costing UK business over £100m a day, with
over 50% of detected frauds being committed by employees, and with nearly half
of all firms in a recent survey reporting suffering one or more significant
economic crimes in the previous two years.*
Safecall's confidential contact line allows employees to report securely
problems in the workplace including dishonesty and fraud. Other areas in which
Safecall provides whistle blowing services include health and safety,
harassment, bullying, discrimination, professional and ethical issues.
Commenting on the acquisition, Caroline Banszky, Managing Director of Law
Debenture, said:
"Safecall will be an exciting addition to our portfolio of professional
services and plays to our strengths as an independent, professional, third
party service provider.
"As acknowledged in the Combined Code on Corporate Governance, whistle blowing
is an important safeguard and Safecall will enable Law Debenture to offer a
comprehensive service in this fast growing market."
Graham Long, Managing Director of Safecall, said:
"We provide a straightforward, effective means for employees to make companies
aware of concerns ranging from fraud and dishonesty to bullying and
discrimination. In doing so we are able to provide protection for employees,
directors and shareholders alike.
"The independence of Safecall, coupled with the trust conferred upon us by our
clients in our role as recipients and handlers of sensitive information, makes
for an ideal partnership with Law Debenture."
* Source: PricewaterhouseCoopers' "4th Global Economic Crime Survey" 2007
- Ends -
Contact:
Law Debenture 020 7696 5902
Caroline Banszky
Smithfield 020 7360 4900
John Antcliffe/Rupert Trefgarne
Notes
Law Debenture
Established for over 100 years, Law Debenture today provides a wide range of
services including corporate and pension trusts, agent for service of process,
treasury management, corporate services including for special purpose vehicles
and structured finance administration services.
Safecall
Safecall was established in 1999 and provides a 24 hour service throughout the
UK and 56 other countries around the world.
The Combined Codes on Corporate Governance require an Audit Committee to review
arrangements for staff to raise concerns regarding improprieties in financial
reporting or other matters. Safecall addresses the issue by providing an
external procedure which can report directly to the Audit Committee.
In addition, The Financial Services Authority ("FSA"), in its CP101 document
paragraph 2.4 includes, "Our approach will be to encourage anyone with a
concern who works for a regulated firm to use their firm's whistleblowing
procedures in the first instance." In addition paragraph 5.1 states, "Problems
within a firm are for the firm to sort out and it is right that senior
management should be the first to know. The management should be able to
resolve the problem without the glare of publicity, but of course telling the
FSA where appropriate." In addition, in its consultation paper"Whistleblowing,
the FSA and the financial services industry," published in July 2001, the FSA
argued that "Establishing effective whistleblowing arrangements is enlightened
self-interest for firms, and in the best interests of consumers."
Disclosures to Safecall have the same protection to staff as internal
disclosures.
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