Alcoa Inc.’s recent Foreign Corrupt Practices Act (FCPA) settlement, totaling US$384 million in penalties, forfeitures, and disgorgement, is the fifth largest FCPA case to date. Following recent actions against parent companies Ralph Lauren Corporation (RLC) and Oracle Corporation (Oracle) based on conduct by their subsidiaries, the Alcoa case reflects another expansive theory under which the SEC is holding responsible parent corporations for the conduct of their subsidiaries.
The amount of the penalty was related to the Tokyo-based manufacturer’s failure to disclose the cartel back in 2011, when Bridgestone settled allegations of a separate price-fixing conspiracy that included Foreign Corrupt Practices Act violations.
‘Lokpal’ means people’s protector or caretaker and in India it refers to an anti-corruption watchdog or ombudsman. The Lokpal Bill, which sets out how this anti-corruption body should be constituted and who would be subject to its scrutiny, finally got passed in December and was brought into law by President Pranab Mukherjee in January.
By Hadiputranto, Hadinoto & Partners (www.hhp.co.id)
On 4 February 2014, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”), in cooperation with the International Finance Corporation, launched the Indonesia Good Corporate Governance Roadmap. OJK seems to consider that there is a need for improvements of the Good Corporate Governance (“GCG”) of Issuers and Public Companies. In [...]
Pfizer’s Gary Giampetruzzi and Daiichi Sankyo’s Richard Konzelmann discussed China’s recent anti-corruption crackdown at a panel in Washington, D.C.
The SEC and Justice Department are probing the bank’s hiring practices in Asia.
Two years after outside counsel at Davis Polk & Wardwell found no merit to his complaint alleging suspicious markups and due diligence failures, a former compliance officer for Siemens China Ltd. remains convinced his allegations are valid and hopeful the U.S. is investigating.
“[I]t is absolutely false that we postponed these stories due to external pressure,” Bloomberg said in a statement.
U.S. District Judge Amy Berman Jackson’s swift and unconditional approval stands in contrast to the harder line her colleague Judge Richard Leon has taken in civil FCPA settlements.
Without revealing numbers, the company says that if the Justice Department were to require a similar sum, the penalties would damage its financial condition and ongoing business.
The British drugmaker nevertheless says it is “committed” to China, which is “critical” to its future.
Two years after disclosing an internal investigation, Diebold settles for more than twice its original set aside to resolve bribery allegations in Russia and Asia. UDPATED with copy of the DPA and attachments.
The relationship with Bharti Enterprises soured in part because of Wal-Mart’s internal anti-corruption probe and also because of restrictions on foreign investment in India, according to news reports.
A wrongful dismissal lawsuit filed by a former SNC-Lavalin employee — charged with bribery over a World Bank project in Bangladesh — is shedding some light on the allegations facing the Toronto-area engineer and his one-time boss.
The U.S. has taken the lead on investigating the mining concern, with Australian authorities embarrassed into taking belated action.
STEPTOE & JOHNSON LLP's JASON WEINSTEIN ON CYBERSECURITY: As a Deputy Assistant Attorney General, Weinstein oversaw the Criminal Division's Computer Crime and Intellectual Property Section. He now advises corporations grappling with the complex legal issues they face from hackers and data breaches.