Posts Tagged: Disclosure
Here’s the complete FCPA disclosure from Total SA’s Form 6-K (Report of Foreign Private Issuer) filed with the SEC on April 29, 2013:
In 2003, the United States Securities and Exchange Commission (SEC) followed by the Department of Justice (DoJ) issued a formal order directing an investigation in connection with the pursuit of business in Iran by certain oil companies including, among others, TOTAL.… Continue Reading
The world’s third largest commercial aircraft manufacturer said its FCPA investigation has expanded to two more countries.
In 2010, Brazil-based Embraer S.A. disclosed an investigation focused on three countries.
Last week, Embraer said the investigation is still in its early stages and it’s too early for the company to know or talk about what might happen.… Continue Reading
Texas-based oil and gas services firm Baker Hughes once held the record for the biggest FCPA settlement of all time.
In 2007, the company paid $44.1 million in penalties and disgorgement, an astonishing amount at the time, and a signal that enforcement was shifting into high gear.… Continue Reading
Illinois-based spirits maker Beam Inc. said this week it is ‘reasonably possible that [FCPA] liabilities could have a material impact on . . . results of operations, cash flows or financial condition.’… Continue Reading
In the new DOJ-SEC Guidance there is a hole big enough for a Wal-Mart truck to drive through.
The Guidance (pp. 17, 26, 52-65) has many hypotheticals to illustrate “Guiding Principles of Enforcements,” “Hallmarks of Effective Compliance Programs” and what violates the FCPA or securities laws.… Continue Reading
From Hewlett-Packard Company’s Form 10-K filed with the SEC on December 27, 2012, here is the company’s full FCPA disclosure:
… Continue Reading
The German Public Prosecutor’s Office (“German PPO”) has been conducting an investigation into allegations that current and former employees of HP engaged in bribery, embezzlement and tax evasion relating to a transaction between Hewlett-Packard ISE GmbH in Germany, a former subsidiary of HP, and the General Prosecutor’s Office of the Russian Federation.
Here is the full FCPA disclosure from the Form 10-Q filed with the SEC by Wal-Mart Stores, Inc. on December 4:
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
Only five years ago, no one talked about self disclosing potential FCPA violations.
Today, a mere blink of an eye later, self disclosure is the norm.
In our era of hyper-enforcement and Sarbanes-Oxley driven field certifications, the new pattern is set:
Hear from a whistleblower about sensitive payments somewhere, take a quick look for credible evidence, inform the board, launch an internal investigation, disclose it to the DOJ, and write it up in the next quarterly SEC filing.… Continue Reading
As compliance professionals, we would be kidding ourselves not to acknowledge that fear of enforcement — not business ethics — drives many management decisions to do the right thing.
When the violations are serious, weak enforcement is almost as bad as none.… Continue Reading