Shuanghui International’s acquisition of Smithfield is certainly interesting. I would like to pose a possible theory on why the Chinese selected this company.
‘With the passage of centuries, whole cultures of malfeasance came and went, bringing with them innovative approaches to influence-peddling. The Ming dynasty of China saw the proliferation of so-called “elegant bribery,” through which gifts of artwork, snuff bottles, and sumptuous calligraphy came to adorn the homes of the freshly greased.… Continue Reading
If it goes through, Shuanghui International’s $4.7 billion bid to take over Smithfield Food Inc., the U.S.’s leading pork producer, would be the biggest-ever acquisition of a U.S. firm by a Chinese company.… Continue Reading
In the fourth biggest FCPA case ever, French oil giant Total S.A. agreed Wednesday to pay $398 million in penalties and disgorgement for bribing an Iran official to gain access to oil and gas fields.… Continue Reading
According to China’s anti-corruption man of the hour, journalist Luo Changping (pictured), economic reforms won’t be enough to curb the country’s corruption pandemic.
His new book examines 120 corruption cases involving high-profile Chinese officials.… Continue Reading
David Barstow of the New York Times described to Democracy Now how Wal-Mart de Mexico allegedly used massive corruption to win approvals for new stores, and how top executives at Wal-Mart’s headquarters in Bentonville, Arkansas learned about the brazen graft but covered it up.… Continue Reading
Company Involved: Ti Yung Co.
Industry: Basic Materials
Industry Subsector: Iron & Steel
Official Involved: Lin Yi-shih, ex-cabinet secretary-general
Enforcement Action: Judgement
Summary: Lin Yi-shih was sentenced to seven years and four months in prison and fined $540,000 on charges of accepting $2.13 million and soliciting another $2.81 million from Kaohsiung-based Ti Yung Co.… Continue Reading