News and commentary about white-collar crime, enforcement, and compliance
Harry Cassin
Publisher and Editor
Andy Spalding
Senior Editor
Jessica Tillipman
Senior Editor
Bill Steinman
Senior Editor
Richard L. Cassin
Editor at Large
Elizabeth K. Spahn
Editor Emeritus
Cody Worthington
Contributing Editor
Julie DiMauro
Contributing Editor
Thomas Fox
Contributing Editor
Marc Alain Bohn
Contributing Editor
Bill Waite
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
The United States unsealed criminal charges Tuesday against one current and one former executive of French power company Alstom’s U.S. unit for an Indonesia bribery scheme.
Frederic Pierucci, 45, a French citizen and current Alstom executive in charge of sales, was charged in an indictment unsealed Tuesday in the District of Connecticut, where Alstom’s U.S.… Continue Reading
By all accounts, its appetite for growth in Mexico was insatiable. The drive to dominate the retail market there, according to the New York Times, allegedly led Walmart to pay $24 million in bribes to fast track store permits.… Continue Reading
The Asian Development Bank debarred 34 individuals last year, and 31 firms. Debarment means they’re ineligible to participate in ADB-financed, administered, or supported activities.
The ADB also cross debarred 37 firms and 12 individuals under mutual debarment agreements with the European Bank for Reconstruction and Development, the Inter-American Development Bank, and the World Bank.… Continue Reading
Miller and Chevalier’s FCPA Winter Review 2012 (here) noted a couple of significant enforcement actions in Europe in late 2011.
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A regional court in Munich imposed a €140 million fine on Ferrostaal AG.… Continue Reading
Some picks for the year’s hottest FCPA headlines are these:
#1: Drop in corporate enforcement actions. In 2010, 23 companies settled FCPA cases for $1.8 billion; in 2011, just 15 companies settled for $508.6 million.… Continue Reading
Alex Spence of The Times of London reported today that ‘a senior figure’ from Alstom met with Richard Alderman, director of the U.K.’s Serious Fraud Office.
Alstom initiated the contact, Spence’s story said.… Continue Reading
Our list of the ten biggest corporate FCPA cases of all time hasn’t changed since April, when Johnson & Johnson’s $70 million settlement came on as number 10.
Since then we’ve been considering the seventy or so ongoing investigations, wondering which names from that list might appear among the top ten FCPA settlements a year from now.… Continue Reading
A Swiss federal criminal court last week acquitted a private banker in Zurich of bribery and money laundering charges growing out of his relationship with French firm Alstom SA.
According to a report Thursday by Gabriella Broggi in BusinessWeek, Oskar Holenweger was charged with taking bribes of CHF1 million ($1.1 million) to open 163 anonymous bank accounts that Alstom used to bribe foreign officials.… Continue Reading
By Thomas Fox
Last week I picked my favorite FCPA enforcement actions for 2010. Here are my choices for the top ten investigations disclosed or making news this year:
1. Avon-What’s the cost of non-compliance?… Continue Reading
The U.K.’s Serious Fraud Office today reported in dramatic fashion the arrest of three top executives of French industrial giant Alstom’s British unit. They’re suspected of paying bribes overseas to win contracts.… Continue Reading
When graft-busting becomes a political weapon, the rule of law grows weaker and corruption generally flourishes. Is that what’s happening in Venezuela? Maybe. For sure the number of high-profile opposition leaders accused of bribery and corruption is growing.… Continue Reading
Swiss police last week arrested a former manager of French engineering giant Alstom and searched for evidence as part of a corruption and money-laundering investigation. Offices near Zurich and in Baden were raided, as were homes in several cantons.… Continue Reading