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Serious Fraud Office budget cut

It is now investigating 88 cases, up from 65 last year, even though a "management shake-up" saw 90% of its senior staff leave the organisation over the past year.

High-profile cases include the UK operation of US fraudster Bernard Madoff, financial products offered by collapsed US insurer AIG and the failure of UK carmaker MG Rover.

This year its conviction rate was boosted after 78% of individuals who had cases brought against them either pleaded guilty or were convicted by a jury.

Of 18 cases brought to court, 17 of them saw at least one defendant convicted. The exception was Operation Holbein, the inquiry into alleged price-fixing by drug companies.

As a footnote, the SFO mistakenly claimed in its annual report that its budget for the last year was around £50 billion instead of £50 million. In fact, all budget figures in the accounts are out by a factor of 1,000.

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