All Anti-Bribery articles – Page 5
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Blog
LATAM Airlines resolves FCPA case for $22 million
LAN Airlines (now known as LATAM Airlines Group), a commercial airline company based in South America, has agreed to pay more than $22 million to settle parallel civil and criminal cases related to improper payments it authorized during a dispute between the airline and its union employees in Argentina. Jaclyn ...
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SFO conducting criminal probe into Unaoil
The U.K. Serious Fraud Office confirmed this week that it is conducting a criminal investigation into the activities of Unaoil, its officers, employees and agents in connection with suspected offences of bribery, corruption and money laundering. Jaclyn Jaeger reports.
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Analogic resolves FCPA case for $15 million
Analogic, a medical-imaging technology provider, and BK Medical ApS, Analogic’s wholly-owned Danish subsidiary, have reached separate settlements with the Securities and Exchange Commission and the Department of Justice to resolve a Foreign Corrupt Practices Act case totaling payments of nearly $15 million. Jaclyn Jaeger reports.
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Transparency International: Nigeria must strengthen anti-corruption bodies
Global anti-corruption body Transparency International is pressing the Nigerian government to follow up on commitments made at the Anti-Corruption Summit in London on fighting corruption in the country and being more transparent about how it intends to use recovered stolen assets. Jaclyn Jaeger reports.
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Detecting corruption in the pharmaceutical sector
Jaclyn Jaeger looks at a new report from Transparency International that aims to help companies in the pharmaceutical industry detect and prevent corruption.
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Anti-Corruption Summit puts spotlight on transparency
London hosted the first ever international Anti-Corruption Summit last month to champion the fight against corruption on a global scale, with many countries committing to specific action plans. Jaclyn Jaeger analyzes what this all means for companies.
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Ericsson: Seven employees summoned in Greece corruption probe
Ericsson, a Swedish multinational communication technology and services company, recently disclosed that a Greek prosecutor has summoned seven current and former Ericsson employees in a preliminary investigation involving allegations of possible corruption. As Compliance Week previously reported, Ericsson this week also issued a statement confirming that it’s being investigated for ...
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Ericsson responds to FCPA probe
Ericsson, a Swedish multinational communication technology and services company, today issued a statement confirming that it’s being investigated for potential violations of the Foreign Corrupt Practices Act.
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Unaoil initiates legal action against Fairfax Media
Unaoil this week said in a statement that it has instructed its lawyers to commence legal action against Fairfax Media and its partners in relation to the malicious and damaging allegations negligently published by these media organizations. Jaclyn Jaeger reports.
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Justice Department: Biomet violated deferred prosecution agreement
The Department of Justice said in a court filing this month that it has determined that Biomet breached the terms of a deferred prosecution agreement that the medical device maker entered into with the government in 2012. Jaclyn Jaeger reports.
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Survey: The toll of bribery and corruption on companies
Corruption, fraud, and other misconduct continue to plague compliance and legal officers at multinationals around the world, according to a recent global anticorruption survey conducted by AlixPartners. Jaclyn Jaeger provides an in-depth look at the survey results.
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Och-Ziff sets aside $200 million for FCPA probe
Och-Ziff Capital Management Group, a publicly traded hedge fund firm, disclosed in a quarterly filing this week that it has accrued a $200 million loss, thus far, to resolve violations of the Foreign Corrupt Practices Act. It also said its “probable” that the government will pursue civil and criminal sanctions.
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In Brazil, accountability has to start somewhere
The effort to unseat embattled Brazilian president Dilma Rousseff is receiving criticism because it is really an effort by her even more corrupt rivals to grab power. While that may be correct, does it matter, asks Editor Bill Coffin. Or is it just a handy excuse for giving Rousseff and ...
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France introduces anti-corruption bill
France’s Finance Minister Michel Sapin introduced a proposed anti-corruption bill, Sapin II, to the French government last month that in many respects is inspired by anti-corruption laws already in place in the United States and United Kingdom. The bill, for example, “provides for the offense of corruptly influencing a foreign ...
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Unaoil bribery scandal offers harsh lesson in due diligence controls
Image: CCOs can learn a lesson or two from the massive media-leaked bribery and corruption scandal surrounding Monaco-based Unaoil. “Unaoil’s due diligence reports contained a number of items that increased their risk level substantially, but there was no credible evidence of bribery or other misconduct,” says Alexandra Wrage, president of ...
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Will Olympus see FCPA trouble in China?
Trouble seems to follow Japan-based Olympus. The company, which admitted in 2011 to a $1.7 billion accounting fraud, is once again facing corruption allegations. Olympus hired China-based Anyuanto to help turn it around, despite the fact that Anyuan’s chairman had previously been convicted of fraud; Olympus’ contract wasn’t with Anyuan ...
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Special report: Are FCPA actions merely a slap on the wrist?
Companies on the receiving end of an FCPA enforcement action often face monitoring, fines, and litigation as a result. But many times, what they don’t experience is a drop in their share price. In fact, among the largest FCPA violations on record, many companies saw no drop in share price. ...
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SEC obtains settlement in kickback scheme
Seven individuals from broker-dealer Direct Access Partners settled charges with the SEC last week for their role in a massive kickback scheme to secure the bond trading business of a state-owned Venezuelan bank. As Compliance Week previously reported, the SEC and Department of Justice unsealed criminal charges in May 2013 ...
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ISO 37001 anti-bribery standard gains momentum
Image: The push to adopt ISO 37001, a uniform set of international anti-bribery management system standards, is gaining momentum on a global scale and ultimately will raise the bar for compliance officers looking to reinforce their anti-bribery compliance programs. “This is the first time that you will have an internationally ...
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Braid Group to pay £2.2 million in bribery case
Scotland’s prosecution service this week announced a £2.2 million civil settlement with Braid Group (Holdings), a Glasgow-based diversified global logistics company to resolve allegations that it obtained business through unlawful conduct. In a statement, Linda Hamilton, head of the Civil Recovery Unit, said that “Braid is to be commended for ...