A former regional director of SAP International Inc. pleaded guilty Wednesday to conspiracy to violate the Foreign Corrupt Practices Act by bribing Panamanian officials to win government technology contracts for SAP.… Continue Reading
Posts Tagged: Agents
The fallout from the Petrobras corruption scandal in Brazil keeps growing. This week there’s a new disclosure from Houston-based Vantage Drilling Company.
The drill ship operator said in an SEC filing Tuesday that an agent it used in Brazil “has entered into a plea arrangement with the Brazilian authorities in connection with the agent’s role in obtaining bribes on behalf of former Petrobras executives.”… Continue Reading
Consistent with the DOJ’s Opinion Release 08-02, companies must risk-rank their third parties into high, medium and low risk categories and conduct the appropriate due diligence.
As 85-90% of all cases involve illegal activity conducted by a third party on behalf of an organization, this issue appears to be the biggest risk to multinational organizations.… Continue Reading
In our 2015 ABC Report, Kroll asked respondents to identify what they considered to be the type of corrupt behavior the chief compliance officer must guard against.
The primary answers are bribery (93%), money laundering (61%), bid-rigging (60%), and price fixing (56%).… Continue Reading
The DOJ and SEC expect diverse functional areas of organizations to participate in compliance risk assessments. Among them are compliance, legal, internal audit, procurement, and finance. Human resources, marketing, and public relations also usually have a role.… Continue Reading
Vietnam’s Ministry of Health Thursday ordered a review of purchases of medical equipment manufactured by Seattle-based Bio-Rad Laboratories, Inc., following the company’s $55 million settlement of FCPA offenses, which included allegations of bribery in Vietnam.… Continue Reading
Compliance professionals facing push back from deal makers ought to take heart from a recent English High Court decision involving UBS (AG) London UBS and Leipzig’s water utility KWL.
California-based life science company Bio-Rad Laboratories agreed Monday to pay a total of $55 million to settle DOJ and SEC allegations that subsidiaries made improper payments to foreign officials in Russia, Vietnam, and Thailand to win business.… Continue Reading
Kansas-based Layne Christensen Company said last week it has increased its reserve for a potential FCPA settlement from $4.8 million to $10.4 million. That amount, the company said, represents the low end of the range for a possible settlement, which could also reach $16 million or more.… Continue Reading
Park-Ohio Industries Inc. said on Thursday that a third-party payment on its behalf to tax authorities may have violated the Foreign Corrupt Practices Act.
The subsidiary of Park-Ohio Holdings Corp. said in its latest quarterly filing with the Securities and Exchange Commission that it received a subpoena from the SEC in August.… Continue Reading
One of the benefits, apart from the foreign earnings, of London’s court clogging Russian litigation, has been the collation of principles relating to the English civil law of bribery which can be summarized as follows:
… Continue Reading
The underlying substantive and remedial policies behind protecting a principal against bribes is an agent’s obligation to act in the best interests of its principal and to avoid a real possibility of potential conflict.