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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-03-04T16:12:00
Swiss-based oil trader Gunvor will pay more than $661 million as part of a plea agreement with the Department of Justice (DOJ) to resolve violations of the Foreign Corrupt Practices Act (FCPA) involving a long-running scheme to bribe officials in Ecuador to secure oil contracts.
As part of the plea agreement entered into U.S. District Court for the Eastern District of New York on Friday, Gunvor will pay a criminal penalty of nearly $375 million and forfeit about $287 million in ill-gotten gains, the DOJ said in a press release. Gunvor will pay approximately $98 million in penalties to the Office of the Attorney General of Switzerland and reached an agreement with Ecuadorean authorities as well.
The DOJ said the sentence “includes credits of up to one-quarter of the criminal fine each for amounts Gunvor pays to resolve investigations by Swiss and Ecuadorean authorities into the same misconduct, so long as the payments are made within one year of today’s date.”
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2024-04-02T13:33:00Z By Adrianne Appel
The value the Department of Justice places on cooperation can be measured by studying penalties and agreements resulting from the agency’s long-running investigation into bribery and corruption by oil traders operating in Latin America and Africa.
2024-03-28T19:53:00Z By Kyle Brasseur
Singapore-based commodity trading company Trafigura agreed to pay nearly $127 million as part of a resolution with the Department of Justice addressing violations of the Foreign Corrupt Practices Act in Brazil.
2024-03-21T18:21:00Z By Aaron Nicodemus
Indian conglomerate Adani Group said it is aware of an investigation by the U.S. Department of Justice into bribery allegations against a “third party” but denied a relationship with it.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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