All Anti-Bribery articles – Page 12
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Blog
General Cable Sets Aside $24 Million for Angola Bribes
General Cable said this week in a regulatory filing that it has set aside an estimated charge of $24 million that it believes the Securities and Exchange Commission likely will disgorge from profits derived from sales tainted by improper payments made in Angola. In September, the maker of copper, aluminum, ...
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Blog
Goodyear to Pay $16 Million for FCPA Violations
Goodyear Tire & Rubber Co. has reached a $16 million settlement with the SEC to resolve charges that it violated the Foreign Corrupt Practices Act when its subsidiaries paid bribes to land tire sales in Kenya and Angola. Goodyear neither admitted nor denied the SEC’s findings. Details inside.
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Article
An Insider Look at the EU’s Binding Corporate Rules
Companies that move data throughout Europe, or beyond its borders, face a long and exacting list of privacy and security demands. Some companies are choosing to take advantage of Binding Corporate Rules (BCRs), presenting their data compliance framework for approval by data protection authorities. BCRs, despite a lengthy approval process, ...
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Blog
Eli Lilly: Justice Department Drops FCPA Probe
Eli Lilly announced in a regulatory filing last week that the Department of Justice has closed its Foreign Corrupt Practices Act investigation without bringing any charges. The parallel investigation followed a $29.4 million civil settlement that the drug company reached with the Securities and Exchange Commission in 2012 for FCPA ...
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Blog
AG Nominee Loretta Lynch on FCPA Enforcement
Image: Anyone curious about where attorney general nominee Loretta Lynch stands on enforcement of the Foreign Corrupt Practices Act now has a lot of reading material. Lynch answered a host of written questions from the Senate Judiciary Committee, giving her views on the Justice Department’s current level of transparency, the ...
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Blog
Flowserve Uncovers Potential FCPA Violations
Flowserve said this week in a securities filing that it has discovered potential violations of the Foreign Corrupt Practices Act. The developer of valves and pumps said that it has uncovered actions involving an employee based in an overseas subsidiary that violated its Code of Business Conduct, and may have ...
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Blog
Canada Hits SNC-Lavalin With Fraud Charges; Company Hits Back
Canada has filed corruption and fraud charges against construction company SNC-Lavalin Group and two of its subsidiaries for possible misconduct in Libya—and the company has roundly rebutted them as baseless. “SNC-Lavalin firmly considers that the charges are without merit and will vigorously defend itself and plead not guilty,” the company ...
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U.K. Fraud Office Loses Corruption Case, Owes £6M Legal Bill
Image: The Serious Fraud Office is facing a £6M legal bill after a judge dismissed a case in which the agency attempted to retry six people over an alleged fraud using a legal method known as “voluntary bill of indictment.” Justice Hickinbottom said, “Once the dismissal application had been formally ...
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Rolls-Royce Gets Rolled Into Petrobras Bribery Scandal
British engineering company Rolls-Royce Holdings is facing allegations that it paid bribes to Brazilian state-owned oil company Petrobras in exchange for a $100 million contract to provide gas turbines to power Petrobras oil rigs. Pedro Barusco, a former Petrobras senior executive, said he received at least $200,000 in bribes from ...
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Blog
TEVA Expands Scope of FCPA Probe
An internal investigation that Teva Pharmaceutical Industries began three years ago into possible violations of the Foreign Corrupt Practices Act continues to expand in scope, and further appears to have found evidence of wrongdoing, the company stated in a recent filing with the Securities and Exchange Commission. Details inside.
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Blog
U.K. Court Orders Trials for Alstom Units in Bribery Case
According to published reports, a Crown Court judge has ordered two jury trials for separate units of French conglomerate Alstom SA and is holding out the possibility of a third trial as the U.K.’s Serious Fraud Office continues its investigation. The Alstom subsidiaries, and four former employees, are accused of ...
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Article
What a Good FCPA Audit Looks Like
Image: An audit of compliance with your company’s FCPA policies is no easy task. It requires skilled personnel, sophisticated data analytics, and an understanding of the difference between an audit and investigation. Inside, we walk through the fundamentals of all three. “The focus is really to create dialogue” with audit ...
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Blog
No Charges in News Corp. Phone Hacking Scandal
Twenty-First Century Fox and News Corp. announced in separate regulatory filings with the SEC that the Justice Department will not file charges following the completion of its investigation into the phone hacking scandal. Both companies faced potential charges for violations of the Foreign Corrupt Practices Act concerning alleged bribes paid ...
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Blog
Mead Johnson Provides Status on FCPA Probe
Mead Johnson Nutrition disclosed this week in an earnings call that the government’s investigation into possible violations of the Foreign Corrupt Practices Act continues to progress, but with no end in sight. “At this time, we can’t predict how or when the matter will be resolved,” said Chief Executive Officer ...
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Blog
Cobalt: SEC Drops Foreign Bribery Probe
Cobalt International Energy announced yesterday that it has received a termination letter from the Securities and Exchange Commission, stating that the agency does not intend to recommend any enforcement action after looking into potential violations of federal securities laws related to Cobalt's operations in Angola. “This formally concludes the SEC’s ...
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SEC Eyeing BNY Mellon on Anti-Bribery
BNY Mellon disclosed in a Form 8-K filing with the SEC last week that certain of its current and former employees have received Wells notices for potential violations of the Foreign Corrupt Practices Act. BNY Mellon said it received a similar Wells notice in the fourth quarter of 2014. Details ...
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Engineering Firm Nicked $3.4M on FCPA
Engineering and construction firm PBSJ has agreed to pay $3.4 million in financial remedies to the SEC for violations of the Foreign Corrupt Practices Act by offering and authorizing bribes and employment to foreign officials to secure Qatari government contracts. Details inside.
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Article
Meeting the World Bank in Enforcement Actions
When the Justice Department settled corruption charges against Alstom SA in December, it did not require a compliance monitor—because Alstom already had one, appointed by the World Bank. How does the bank’s integrity office work? What risks do you have? Lots. “You can be a perfect company today, but if ...
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Blog
Nortek Launches FCPA Probe
Nortek disclosed last week in a regulatory filing with the Securities and Exchange Commission that it has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act concerning potential improper payments made by its Chinese manufacturing unit. Details inside.
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Blog
Petrobras Names First Governance, Risk and Compliance Officer
Petrobras this week appointed João Adalberto Elek as its first governance, risk and compliance officer. His appointment comes at a time when the Brazilian state-owned oil giant faces an investigation over allegations that certain of its executives engaged in a money-laundering and bribery scheme whereby billions of dollars were shaved ...