- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-11T14:52:00
Colombian conglomerate Grupo Aval agreed to pay nearly $81 million as part of settlements addressing alleged bribes paid by its bank subsidiary to win a highway construction contract.
Corporación Financiera Colombiana (Corficolombiana) entered into a three-year deferred prosecution agreement with the Department of Justice (DOJ) in addition to agreeing to pay a criminal penalty of $40.6 million for violating the Foreign Corrupt Practices Act (FCPA), the agency announced Thursday. Up to half the penalty will be credited against money the company and another of its subsidiaries agreed to pay to Columbian authorities regarding the same alleged conduct.
Grupo Aval will pay an additional $40.3 million in disgorgement and prejudgment interest in settling with the Securities and Exchange Commission (SEC).
The resolution marks the first time the DOJ coordinated with Colombian authorities in a foreign bribery case, said Acting Assistant Attorney General Nicole Argentieri of the agency’s Criminal Division in a press release.
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The Department of Justice will increase its efforts to build relationships and foster collaboration with its global counterparts to thwart bribery and corruption under a new strategy.
All the carrots being offered by the Department of Justice in the past year—greater penalty reduction thresholds, relief related to compensation clawbacks, voluntary self-disclosure incentives—are part of a strategy to strengthen the enforcement stick when companies don’t cooperate.
Chemical company Albemarle was assessed penalties totaling more than $218 million as part of settlements with the Department of Justice and Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act across a handful of foreign countries.
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.
