- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-03-13T13:40:00
The Department of Justice (DOJ) published its first declination regarding a company’s apparent violation of the Foreign Corrupt Practices Act (FCPA) since putting forward new guidance on the value of voluntary self-disclosure to the agency.
Legal representatives of Pennsylvania-based Corsa Coal Corp. were notified March 8 the coal mining company would not face prosecution for alleged bribes employees paid to Egypt’s Al Nasr Company for Coke and Chemicals to secure coal supply contracts. The DOJ said Corsa paid approximately $4.8 million to an Egypt-based third party that its employees knew would be used to bribe Egyptian government officials, including the chairman of Al Nasr.
The scheme occurred from 2016-20, according to the DOJ, and earned Corsa approximately $32.7 million in profits.
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The Department of Justice’s push to incentivize companies to voluntarily self-disclose potential misconduct reached its next stage in the form of a safe harbor policy regarding mergers and acquisitions.
A Foreign Corrupt Practices Act review published by the Department of Justice offers further clarity around when the agency would determine expenses paid on behalf of a foreign official to be deemed “reasonable and bona fide.”
Colombian conglomerate Grupo Aval agreed to pay nearly $81 million as part of settlements addressing alleged bribes paid by its bank subsidiary Corficolombiana to win a highway construction contract.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
