A British gambling executive convicted in a bribery plot is being transferred from a US prison to serve the remainder of his sentence in England, his lawyer said.

The US Justice Department has launched a probe into accounting practices at AOL Time Warner in part linked to its dealings with Wembley plc, it emerged today.

Shares in the world’s largest media company plunged today as it faced a probe into its accounting practices in part linked to its dealings with Wembley plc.