Money briefs: Centurion to buy four UK student dorms

Centurion to buy four UK student dorms

Centurion Corp has agreed to buy four student accommodation assets in well-regarded university cities in Britain for £20.1 million (S$39.4 million).

The new assets will add another 519 beds, bringing its total number of student beds to 3,208 across Britain, Australia and Singapore.

The assets are 37-bed Beechwood House and 140-bed Weston Court in Manchester, 157-bed Hotwells House in Bristol and 185-bed Garth Heads in Newcastle Upon Tyne.

All four accommodations, which offer a mix of non-en suite, en suite cluster flats and studios, are long leaseholds properties of 125 years each.

Stanchart probing bankers' conduct

Standard Chartered has been conducting a probe into its bankers' conduct, including cases of padding expense reports and improperly lending money to colleagues, people with knowledge of the matter said.

The investigation led to the departure of several bankers in Dubai in the past six months, including at least three managing directors, after Stanchart found they personally lent money to other employees in violation of internal compliance rules.

Chief executive officer Bill Winters said last week that Stanchart needs to tighten up "everything" around its controls, including risk management, expenses and compliance.

Last year, the bank appointed the former British surveillance chief as a senior adviser and named an ex-Interpol president to the board's financial crime risk committee.

Stanchart has been seeking to improve controls after being fined in the past four years for failures in money laundering and breaching Iran sanctions.

It entered into a deferred prosecution agreement as part of the 2012 American sanctions settlement and has been under the scrutiny of an independent monitor.


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A version of this article appeared in the print edition of The Straits Times on May 03, 2016, with the headline Money briefs: Centurion to buy four UK student dorms. Subscribe