Ohio-based Diebold Inc. agreed Tuesday to pay a criminal fine of $25.2 million to the DOJ and $23 million in disgorgement and prejudgment interest to the SEC to resolve allegations it violated the Foreign Corrupt Practices Act by covering up bribes to bank officials in China, Indonesia and Russia.… Continue Reading
A new wind may be blowing at the DOJ. Its tentative deal with JP Morgan indicates a willingness to take a tougher attitude on remediation. The DOJ is asking for a big payment, $13 billion, but the really big news is that DOJ reportedly hasn’t dropped the criminal investigations and will require the bank to admit wrongdoing.… Continue Reading
India’s emergence as the largest importer of weapons in the world has coincided with well-intentioned efforts to clean up a procurement process with a history of bribery problems.
However, a blacklist system to ban errant arms dealers has potentially weakened efforts to modernize India’s outdated military and done little to actually stem corruption.… Continue Reading
A federal lawsuit by the compliance officer for Siemens’ healthcare business in China who said he was fired for internally reporting FCPA violations was dismissed Monday. The U.S. District Court in New York said the anti-retaliation provisions of the Dodd-Frank Act don’t apply outside the United States.… Continue Reading
JP Morgan Chase reached a tentative deal with the DOJ this weekend to settle a slew of past transgressions for $13 billion.
The U.S. Federal Reserve said last week it was requiring Commerzbank AG in Germany and its New York branch to improve compliance with federal and state anti-money laundering (AML) laws.
The Fed action didn’t involve allegations of corruption or specific charges.… Continue Reading
Individual: Bachtiar Abdul Fatah
Company Involved: Chevron
Industry: Oil and Gas
Enforcement Action: Conviction and Sentencing
At the beginning of this year, China’s president Xi Jinping promised to fight both “tigers” and “flies” — high-ranking and low-ranking corrupt officials — in his crackdown on corruption. Since then, the anti-graft campaign has led to the conviction of Bo Xilai and to the front-page investigations of foreign companies in the pharmaceutical and oil and gas sectors, among others.… Continue Reading
Job Title: Deputy Compliance Officer
Employer: Novartis Pharmaceuticals
Location: East Hanover, New Jersey
The Deputy Compliance Officer (DCO) directly supports the VP, Ethics & Compliance (CCO/CCH) and leads assigned elements of oversight of the compliance program .… Continue Reading
The former president of a traditional Chinese medicine hospital in Anhui’s Fengtai Country was sentenced to five years in prison for accepting bribes worth $14,238 from four pharmaceutical companies and a construction contractor to help them promote their drugs and to obtain construction contracts.… Continue Reading
Corporate compliance programs are no longer classified as “nice to have,” nor are they mere responses to allegations of wrongdoing. Some companies are going beyond mentioning how they have cleared their names with regulators after an investigation; they’re actively promoting the components of an effective strategy.… Continue Reading