The DOJ and SEC have joined Italian and Algerian government investigations into Eni S.p.A. and a subsidiary.
The pharmaceutical company, later purchased by Grifols SA, won’t be prosecuted for Foreign Corrupt Practices Act violations in the U.S.
The pharmaceutical company is also under investigation by Chinese authorities over alleged corruption.
Prosecutors allege that kickbacks paid to Asem Elgawhary for preferential treatment in contracting bids were routed from power generation companies through Germany and Italy into bank accounts in Switzerland and Saudi Arabia.
Total settled FCPA allegations over business deals in Iran with U.S. authorities in May of last year.
Counsel for former Bechtel Corp. executive Asem Elgawhary expects a voluminous government discovery and an overseas investigation.
In this unusual Foreign Corrupt Practices Act prosecution, Asem Elgawhary – who headed a joint venture with Egypt’s state-owned electricity company — is accused not of giving the bribes, but taking them.
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.
Innospec Inc. settled with the Virginia-based chemical and fuel additive company in 2011 over claims that Innospec bribes kept them out of the Iraqi market.
The Libyan Investment Authority lost nearly $1.3 billion with the Wall Street investment bank and has filed suit in London to recoup it.
Iraq’s claims against dozens of companies over violations of the oil-for-food program was dismissed in February.
The minimum fine was $446 million under the U.S. Sentencing Guidelines.
Former American Bank Note Holographics Inc. President Joshua Cantor’s co-conspirator, convicted separately of accounting fraud, was sentenced to time-served last year after a decade’s delay.
The oil services firm’s long-running negotiation with U.S. authorities had already reached a resolution on separate allegations of sanctions violations.
A UK regulator determined that Barclays “acted recklessly” by failing to fully disclose payments it made to Middle Eastern investors in June and October 2008.
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