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
Shruti J. Shah
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
Governments everywhere are opening the taps with economic stimulus, and that’s creating tempting opportunities for fraud, corruption, and other financial crimes. Those complicit in criminal activity today may stay put, or move on to different companies tomorrow.… Continue Reading
The Pulitzer-prize winning NY Times reporter David Barstow famously wrote in 2012 that Walmart was an “aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited. It used bribes to subvert democratic governance — public votes, open debates, transparent procedures.… Continue Reading
A pending case — largely ignored by the compliance profession and the press — brings before the courts one of the most troubling issues of the Wal-Mart investigation: Was the Wal-Mart Board of Directors misled during 2005-2012 regarding an alleged Mexican bribery scheme and subsequent cover-up?… Continue Reading
Bio-Rad Laboratories Inc. said in its annual report Tuesday that it has added $15 million to its reserve for a potential Foreign Corrupt Practices Act settlement, bringing the total to $35 million.… Continue Reading
Here’s what Wal-Mart Stores Inc. said in its quarterly report (Form 10-Q) filed with the SEC on December 6:
______________
The Audit Committee (the “Audit Committee”) of the Board of Directors of the Company, which is composed solely of independent directors, is conducting an internal investigation into, among other things, alleged violations of the U.S.… Continue Reading
The UK Competition Commission’s investigation and preliminary report regarding competition between external auditors and the dominance of the Big Four accountancy practices, has generated some controversy. For starters, the Commission has recommended for FTSE-350 companies that there be a decennial re-tendering for external auditors rather than a rotation.… Continue Reading
In its quarterly SEC filing Thursday, Wal-Mart again said it is investigating both alleged FCPA offenses in foreign subsidiaries and ‘whether prior allegations of such violations and/or misconduct were appropriately handled.’… Continue Reading
LyondellBasell Industries NV, the Netherlands-based petrochemical maker, made this disclosure in its Form 10-Q filed with the SEC on October 26:
… Continue ReadingWe previously identified an agreement related to a former project in Kazakhstan under which a payment was made that raises compliance concerns under the U.S.
Here’s the full FCPA disclosure by Avon Products, Inc. from its Form 10-Q filed with the SEC on November 1:
* * *
We are currently conducting an internal investigation and compliance reviews focused on compliance with the FCPA and related U.S.… Continue Reading
Photo courtesy of Avon Products Inc.From Avon Products Inc’s Form 10-Q filed with the SEC on August 1, 2012:
* * *
As previously reported, we have engaged outside counsel to conduct an internal investigation and compliance reviews focused on compliance with the Foreign Corrupt Practices Act (‘FCPA’) and related U.S.… Continue Reading
From the FCPA Blog members area, here’s the latest FCPA disclosure from water management company Layne Christensen.
The disclosure appeared in the company’s Form 10-Q filed with the SEC on September 10, 2012:
… Continue ReadingIn connection with the Company updating its Foreign Corrupt Practices Act (“FCPA”) policy, questions were raised internally in late September 2010 about, among other things, the legality of certain payments by the Company to agents and other third parties interacting with government officials in certain countries in Africa.