A former senior vice president at General Cable Corporate settled SEC allegations Thursday that he caused FCPA violations and knowingly circumvented internal accounting controls by approving excessive commission payments to a third-party agent in Angola.… Continue Reading
General Cable Corporation will pay the DOJ and SEC $75.75 million to resolve FCPA violations in Angola, Bangladesh, China, Egypt, Indonesia, and Thailand.
Between 2002 and 2013, General Cable subsidiaries paid $13 million to third-party agents and distributors.… Continue Reading
Angolan president Jose Eduardo dos Santos may have to answer questions concerning his daughter’s recent appointment as the head of state-owned Sonangol.
According to court documents seen by Reuters, Angola’s Supreme Court has asked dos Santos to respond to an inquiry into why he appointed Isabel dos Santos as CEO of the state-owned oil firm in June.… Continue Reading
The UK Serious Fraud Office Wednesday charged logistics and freight operations company F.H. Bertling Ltd and seven individuals with bribing an agent of the Angolan state oil company, Sonangol.
The defendants face one count of making corrupt payments contrary to Section 1 of the Prevention of Corruption Act 1906.… Continue Reading
Kentucky-based General Cable Corporation said it added $4 million to its reserve and has now set aside $28 million that’s “probable to be disgorged” to the SEC in a possible settlement of FCPA offenses.… Continue Reading
Kentucky-based General Cable Corporation said it reserved $24 million that’s “likely to be disgorged” to the SEC in a possible settlement of FCPA offenses.
In a securities filing Wednesday, the company said the $24 million is the amount of profit it made from bribe-tainted sales in Angola.… Continue Reading
Goodyear Tire & Rubber Co. agreed to pay $16.2 million to settle SEC charges that subsidiaries in Kenya and Angola paid bribes to increase tire sales.
The SEC said in an administrative order Tuesday that Goodyear violated the books and records and internal controls provisions of the FCPA by failing to prevent more than $3.2 million in bribes from 2007 and 2011.… Continue Reading
Here’s a statement that Cobalt released Wednesday:
Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced that it has received a termination letter from the United States Securities and Exchange Commission (“SEC”) advising Cobalt that the SEC’s FCPA investigation relating to Cobalt’s operations in Angola has concluded and that the Staff does not intend to recommend any enforcement action by the SEC.… Continue Reading
Richard Ammer Chichakli, an associate of convicted international arms dealer Viktor Bout, was sentenced Thursday in Manhattan federal court to five years in prison.
Chichakli, pictured, is a dual U.S. and Syrian citizen.… Continue Reading