Q: “We )would like to find out whether some of the companies who have approached us are reputable and compliant enough with the rules and regulations of the US.” Read more
The Securities and Exchange Commission (SEC) has agreed to nonprosecution agreements (NPAs) in two cases that both relate to alleged bribes paid to Chinese officials by foreign subsidiaries. One company, Nortek, will pay $291,403, plus $30,655 in interest, the SEC said. Some $290,000 in improper payments and gifts were made to Chinese officials by Nortek’s subsidiary “in order to receive preferential treatment, relaxed regulatory oversight, or reduced customs duties, taxes, and fees,” according to the SEC. Read more
A U.S. District Judge fined French energy and transport giant Alstom SA $722 million, for bribing government officials in Indonesia, Egypt and several other countries in exchange for state-backed contracts.
The Connecticut judge formally sentenced the company under the Foreign Corrupt Practices Act for falsifying its books and failing to implement adequate internal controls. The company had pleaded guilty to the charges in a federal court last year.
We would like to invite you to attend the first internal meeting of the VBF’s Governance and Transparency Working Group as follow details: Read more
A U.S. District Court ordered Marubeni Corp., a Japanese trading company, to pay an $88 million fine for its role in a scheme to bribe Indonesian officials to win an electricity contract as a part of a joint venture with French power-equipment maker Alstom S.A.
According to the DOJ, Marubeni paid bribes to Indonesian officials in exchange for securing a $118 million contract for the company and its consortium partner—Alstom—to provide power services for Indonesian citizens. To conceal the bribes, Marubeni and Alstom retained consultants to purportedly provide consulting services. In reality, however, the consultants were used as channels to pay bribes to the Indonesian officials, the DOJ said.
In the agreement, Marubeni also admitted to violating the Foreign Corrupt Practices Act, agreed to maintain an enhanced anti-corruption compliance program, and agreed to cooperate with the Justice Department’s ongoing investigation. Read more
On May 16, 2014 in its U.S. v. Esquenazi decision, the 11th Circuit Court of Appeals upheld the Department of Justice’s broad definition of a key part of the Foreign Corrupt Practices Act (“FCPA”). At issue was ‘instrumentality’ within the FCPA’s definition of ‘foreign official’ (defined by the statute as ‘any officer or employee of a foreign government or any department, agency, or instrumentality thereof’ ). The 11th Circuit is the first appellate court to rule on this issue and its holding has immediate and broad impact on all U.S. businesses subject to the FCPA. Read more
Vietnam’s efforts to curb corruption have fallen short of expectations, the Communist Party said. The persistence of corruption across the country could deter future investment from overseas companies, according to Fred Burke, managing partner of Baker & McKenzie (Vietnam) Ltd. in Ho Chi Minh City. “Corruption in Vietnam is a serious consideration for foreign investors,” Burke, who is the representative for the American Chamber of Commerce in Vietnam on the Ministry of Justice’s Advisory Council on Administrative Procedure Reform, said in an e-mail. “It comes up in all kinds of businesses. When the consequences in today’s super-compliance minded global enforcement environment are taken into account, the Vietnam stop on their itinerary may just not be worth it.” Read more
Thu, Apr 24. Any business operating in the global marketplace must make the FCPA and anti-corruption an integral part of its business plan. Vigorous enforcement of the Foreign Corrupt Practices Act (FCPA) has become a top priority for both the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). Recently, both have increased resources dedicated to FCPA enforcement. At the same time, civil and criminal penalties for FCPA violations continue to grow and DOJ has shown an increasing willingness to criminally prosecute individuals for FCPA violations. In addition, many other nations have enacted and/or have begun to seriously enforce anti-corruption legislation of their own. . Read more
The Ho Chi Minh City People’s Court on January 27 sentenced Huynh Thi Huyen Nhu, former deputy chief of the Risk Management Department of the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), to life behind bars for “swindling to appropriate assets” and “counterfeiting seals and materials of agencies and organizations.” A number of others involved received sentences of between eight and 20 years. The defendants were also forced to refund the money they illegally appropriated , of which nearly four trillion VND (188 million USD) Nhu took over from nine companies, three banks and three individuals. Read more
Comments of U.S. officials and others at a November conference on the FCPA provide a critical snapshot of the current state of play in still increasingly stringent U.S. enforcement of the FCPA and growing international cooperation to pursue anti corruption law enforcement well beyond U.S. borders. Addressing the question of the most significant recurring issues that the SEC is seeing in cases that they investigate, Ms. Brockmeyer highlighted companies’ use of third-party intermediaries. In the past two years, up to 70 percent of the cases in the SEC’s FCPA Unit have involved joint ventures, vendors, suppliers or other third parties.