Three derivative shareholder cases have agreed to mediation in September over their foreign corruption related claims.
Unfortunately for companies seeking a way to avoid liability in countries known for corruption, not knowing what a third party is doing on the company’s behalf can be more dangerous than knowing. A company can protect itself against what it actually knows—the “known knowns.” But a company must also seek to anticipate and protect against what it doesn’t know—the “known unknowns” and the “unknown unknowns,” by assessing risks, conducting due diligence, and monitoring the third parties very carefully. However, what the company truly is going to get in trouble for is ignoring what it knows the third party is doing, i.e., pretending that the known is unknown.
Frederic Pierucci is a current executive at Alstom who pleaded guilty to foreign bribery charges in July.
Lawrence Hoskins is one of four ex-Alstom executives who have been charged with foreign bribery charges related to Indonesian power projects.
The instrumentality ruling has given the Justice Department a stronger position in making its foreign anti-bribery cases.
Wal-Mart Stores Inc., the world’s largest retailer, drew fresh criticism from shareholder-advisory firms over topics ranging from executive compensation to its handling of a foreign-bribery scandal.
Institutional Shareholder Services Inc. and Glass Lewis & Co. have both chided Wal-Mart in reports released over the past week, saying there are unanswered questions about probes into possible violations [...]
The British company, which is already facing allegations of bribery in several countries, said it would “co-operate fully” with the SFO.
On Friday, May 16, 2014, Hindu nationalist Narendra Modi won the India election for Prime Minister in a landslide victory for the Bharatiya Janata party (BJP). Modi has been swept into a vast, grand and complex political stadium that is India—the world’s largest democracy. Over 800 million voters— 150 million of whom voted for the first time—exercised their rights and gave voice to their hopes and frustrations. The dynastic team Ghandi, having even lost the automatic right to name the leader of the opposition, has been bowled out— possibly forever—and Mr. Modi has been given a fresh batting wicket. What to expect?
A number of financial institutions have been under investigation for preferential hiring practices of relatives of government officials which may violate foreign corruption laws.
Marubeni pleaded guilty in March to working with Alstom to bribe Indonesian officials.
Lawrence Hoskins was arrested in the Virgin Islands in April.
While many people don’t know it, a bribery scandal in Japan in 1976 was part of the motivation for the Foreign Corrupt Practices Act (FCPA), which was signed into law on December 19, 1977. Almost exactly two decades later, Japan joined the fight against foreign corruption by signing the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (Anti-Bribery Convention) on December 17, 1997, and by joining the Working Group on Bribery (Working Group) of the Organisation for Economic Co-operation and Development (OECD). After signing the Anti-Bribery Convention, Japan enacted implementing legislation outlawing foreign bribery, which came into force on February 15, 1999. But this was just the beginning, not the end.
U.S. prosecutors are pushing for a prison sentence for former Guatemalan President Alfonso Portillo that ensures he remains behind bars after admitting to taking $2.5 million in bribes from Taiwan and laundering funds through U.S. banks.
Lawyers for Portillo have asked a federal judge in New York to sentence the fallen leader to time served, citing [...]
A Nevada state judge ruled on Friday that a civil lawsuit between Wynn Resorts and Japanese billionaire Kazuo Okada could proceed, rejecting the U.S. government’s request to keep it on hold for another six months to protect the identity of witnesses in a criminal probe into Okada’s business in the Philippines.
In requesting a third, six-month [...]
Han Yong Kim wants a new hearing after a three-judge appeals court panel last month denied his petition to challenge a foreign bribery indictment while remaining outside U.S. jurisdiction.
IS ERIC HOLDER RACE BAITING? CNN panel debates.
LOCAL UTAH OFFICIALS CRITICIZE DOJ'S INACTION ON CORRUPTION SCANDAL: The influence-buying allegations that led to the arrests of two former Utah Attorneys General touched Senate Majority Leader Harry Reid, a Democrat.
HAS FCPA GONE TOO FAR? WSJ MODERATOR ASKS."Why trivialize foreign corruption when no one would trivialize domestic corruption?" Criminal Division Fraud Section Chief Jeff Knox parried at a Wall Street Journal business conference in Washington, D.C.