British reinsurers Tysers, H.W. Wood settle with DOJ over Ecuador bribes
By 
Kyle Brasseur2023-11-20T22:10:00
Two U.K.-based reinsurance brokers reached separate settlements with the U.S. Department of Justice (DOJ) addressing their participation in a wide-ranging scheme to pay bribes to Ecuadorian government officials.
Tysers Insurance Brokers and H.W. Wood each entered into a three-year deferred prosecution agreement (DPA) to resolve DOJ investigations into violations of the Foreign Corrupt Practices Act (FCPA), the agency announced Monday. Tysers agreed to pay a $36 million criminal penalty and forfeiture of approximately $10.5 million, while H.W. Wood was assessed a $22.5 million penalty and approximately $2.3 million in forfeiture.
However, H.W. Wood will only pay a $508,000 penalty and no forfeiture, based on its inability to pay, the DOJ said.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefInsurance broker Gallagher off hook in DOJ FCPA probe
Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.
-
News BriefTrafigura to reserve $127M for DOJ settlement over Brazil bribes
Singapore-based commodity trading company Trafigura said it will disclose a $127 million provision related to the resolution of a Department of Justice investigation into alleged improper payments made in Brazil by former employees.
-
PremiumDOJ cooperation credit breakdowns: Albemarle, Tysers, H.W. Wood
Nicole Argentieri, acting head of the Department of Justice’s Criminal Division, breaks down where Albemarle, Tysers Insurance Brokers, and H.W. Wood went right—and wrong—on the cooperation credit and remediation fronts as part of their FCPA settlements with the agency.
More from Regulatory Enforcement
-
ArticleFrench investigators target anticompetitive practices in largest accounting firms
Major accountancy firms in France are under investigation for anti-competitive practices. The French competition watchdog embarked on a series of “unannounced inspections” and removed documents relating to audit and reporting on Jan. 13.
-
ArticleEU investigation into Grok may expose problems with DSA rather than compliance failings
The European Commission has launched a formal investigation against Elon Musk’s X under the Digital Services Act over fears that its AI tool Grok may be producing and disseminating illegal material.
-
ArticleFormer ADM execs inflated operating profits, SEC alleges
Three former executives at Archer-Daniels-Midland intentionally misled investors by inflating the performance of the company’s Nutrition unit, the U.S. Securities and Exchange Commission has alleged.