Tom Fox

As billionaire construction magnate Marcelo Odebrecht prepares to turn state’s evidence in the corruption investigation that covers Petrobras, Odebrecht SA, and the Brazilian presidency itself, it seems that we might finally get some insight on just how pervasive Brazil’s  so-called “cartel of corruption” really was. Is anybody ready to handle the truth?

While Petrobras currently holds the title as the most corrupt national energy company in South America, Petroleos de Venezuela SA (PDVSA) is a strong contender as well, thanks to ongoing U.S. investigations into possible FCPA violations involving U.S. companies, Swiss banks, and corrupt PDVSA officials.

Image: It appears the Fédération Internationale de Football Association is trying to shed its corrupt image in favor of playing the victim. The international governing body of football has asked the Justice Department for its share of monies it obtains through forfeiture and penalties from individuals prosecuted around the FIFA corruption scandal. But has the entity put any work into cleaning up its own house before seeking help? FCPA blogger Tom Fox explores.

The recent $101M heist from the Central Bank of Bangladesh would have been impossible had it not occurred over a weekend, and had weekends themselves not been observed on different days of the week in Bangladesh than they are in the United States. One thing’s for sure: Whenever the weekend happened, everybody was unhappy by Monday.

A 19-year prison sentence handed down in connection with Brazil’s widening “Car Wash” scandal is a wake-up call for any company that has done business with Odebrecht SA, the largest construction company in Brazil and, indeed, South America. The scandal, which began with energy firm Petrobras, should enforce that it’s time to begin reviewing the whole of your contractual relationships to see if there are any FCPA, U.K. Bribery Act, or other anti-corruption issues you need to address.

Image: The joint Justice Dept., SEC settlement with telecom giant VimpelCom resolving a longstanding FCPA violation will cost the company more than $795 million, say reports. But there’s a bright side, says CW Columnist Tom Fox. The multiple bribery schemes seem to have been supported by top management and will provide a wealth of case studies for companies hoping to avoid VimpelCom’s fate.

What is the cost of corruption? How much due diligence must you perform with those entities that are your customers? Does doing business with companies that have a propensity for corruption put your company at risk? In light of the scandals at Petrobras and Houston-based ENSCO, companies might want to consider if they have the right answers.