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.
Sheikh Mohamed bin Issa al Jaber seeks to compel the law firm White & Case LLP to produce documents from a 2003 out-of-court settlement between Barclays and the Saudi government which allegedly involved bribery.
The SFO becomes the latest red-faced British government body to admit it misplaced something very important.
EXCLUSIVE: The SEC has told at least six of the seven oil companies known to have been under scrutiny for their Gadhafi-era dealings that it won’t take enforcement action.
The French oil giant was scrutinized in a broader probe of oil industry dealings in Gadhafi-era Libya.
Paris prosecutors filed an appeal on Thursday in the U.N. oil-for-food case, saying French energy group Total should be retried for bribery in the scandal involving illegal payments to Saddam Hussein’s government.
After parting ways with Allen & Overy in London, ex-Alcoa agent and accused fraudster bids farewell to the firm in a related lawsuit in Pennsylvania.
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.