- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-12-06T17:31:00
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice (DOJ) to settle allegations that it bribed officials in South Africa to win consulting contracts.
McKinsey & Co. Africa will pay the criminal penalty to resolve the DOJ investigation into a scheme to pay bribes to officials at South African government-owned entities Transnet and Eskom between 2012-16, earning the company approximately $85 million, the DOJ said Thursday in a press release.
The DOJ said it would credit up to one-half of the fine total against penalties the firm was ordered to pay by South African courts for the same violations. McKinsey and McKinsey Africa repaid “all revenues … received from potentially tainted contracts” in 2018 and 2021, the DOJ said.
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.
2024-12-16T15:03:00Z By Aaron Nicodemus
McKinsey & Co. will pay $650 million in penalties to the U.S. Department of Justice (DOJ) to settle charges that it advised Purdue Pharma on how to “turbocharge” the sale of Oxycontin in the middle of the U.S. opioid crisis.
2024-11-19T19:26:00Z By Aaron Nicodemus
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
2024-10-17T17:01:00Z By Aaron Nicodemus
The other shoe finally dropped for Raytheon and parent company RTX, as two U.S. regulators announced nearly $1 billion in penalties to settle defective pricing in defense contracts, false claims related to inflated prices on government contracts, and bribes paid to government officials in Qatar that violated the FCPA.
2025-05-20T12:30:00Z By Oscar Gonzalez
The U.S. Federal Trade Commission (FTC) took action against a pair of student loan debt relief companies for allegedly deceiving borrowers. The move came despite the Trump administration’s broader efforts to roll back enforcement actions against businesses since taking office.
2025-05-16T19:24:00Z By Oscar Gonzalez
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...
2025-05-16T14:16:00Z By Aaron Nicodemus
As the Consumer Financial Protection Bureau steps back from its core mission of protecting American consumers, states like New York and Pennsylvania are stepping up to fill the regulatory void.
Site powered by Webvision Cloud