Posts Tagged: China
United Technologies Corporation agreed Wednesday to pay the SEC $13.9 million to resolve charges that it violated the FCPA by making illicit payments in its elevator and aircraft engine businesses.
United Technologies subsidiary Otis Elevator Co.… Continue Reading
Growing up in the People’s Republic of China, I often heard the proverb, “water that is too clean has no fish.” Sadly, the adage is a rationalization for corruption. It claims that ethical business doesn’t yield profits.… Continue Reading
The Chinese pharmaceutical company under investigation for producing and selling ineffective children’s vaccines has been involved in several recent cases of bribery, according to reports from Asia.
“Changchun Changsheng Biotechnology Co and its parent company, Changsheng Biotech, have been mentioned in at least 10 bribery-related cases in the past decade,” China Daily said Monday.… Continue Reading
The World Bank debarred two big Chinese construction companies that lied about their progress on an energy project in China so they would be paid early.
Shanghai-based China Nuclear Industry Fifth Construction Co.,… Continue Reading
Credit Suisse Group AG and its Hong Kong unit agreed Thursday to pay the DOJ and SEC $76.7 million for a referral hiring scheme that violated the Foreign Corrupt Practices Act.… Continue Reading
As reported on the FCPA Blog on June 7, in the Commerce Department’s announcement of its settlement with ZTE Corporation, it referred to a requirement for ZTE to “retain a team of special compliance coordinators selected by and answerable to” the Commerce Department for ten years.… Continue Reading
Secretary of Commerce Wilbur Ross said Thursday that China’s ZTE will pay $1 billion in penalties, put $400 million in escrow, and accept a U.S.-appointed compliance department.
According to a Commerce Department statement, the new agreement requires ZTE “to retain a team of special compliance coordinators selected by and answerable to” the Commerce Department for ten years.… Continue Reading