Last week, Sargeant Marine agreed to pay the DOJ $16.6 million to settle FCPA charges that it bribed officials in multiple South American countries. The bribes it paid in Brazil alone helped the company and its trading affiliate win Petrobras contracts worth $185 million.… Continue Reading
London-based TechnipFMC plc said in an SEC filing Wednesday that it has set aside $280 million for a settlement of bribery-related offenses with authorities in the United States, Brazil, and France.… Continue Reading
Shell companies have been called the “getaway cars” of corruption. In some jurisdictions, including the United States, individuals can easily set up anonymous companies and use them to hide stolen funds.… Continue Reading
The son of Equatorial Guinea’s president went on trial this week in France for embezzling more than $112 million from his country’s treasury.
Teodoro Nguema Obiang Mangue, also known as Teddy Obiang, is the second vice president of Equatorial Guinea.… Continue Reading
A recent paper I published in the Journal of Money Laundering Control looks at a prominent series of cases brought by the United States and France against assets owned by Teodoro Nguema Obiang, Second Vice President of the Republic of Equatorial Guinea and son of the country’s president.… Continue Reading
It is repellent to read how a has been systematically plundered. For the culprit to be a member of the ruling family only adds weight to the wrong.… Continue Reading
The BOTA Foundation was able to take the $115 million from the corruption case associated with James GIffen and use it effectively and efficiently to assist more than 200,000 poor children, youth and their families in Kazakhstan. … Continue Reading
SBM Offshore agreed to pay $240 million to Dutch authorities Wednesday to settle allegations that it bribed government officials in Angola, Brazil, and Equatorial Guinea.… Continue Reading
We reported on Monday that the DOJ had announced a $30 million settlement with a vice president of Equatorial Guinea under its Kleptocracy Initiative. I hope the world noticed the noble and sensible purposes to which DOJ is putting these funds.… Continue Reading
The Department of Justice said Friday it reached a settlement of its civil forfeiture cases against assets in the United States owned by the Second Vice President of the Republic of Equatorial Guinea Teodoro (Teddy) Nguema Obiang Mangue that he purchased with the proceeds of corruption. … Continue Reading
Netherlands-based SBM Offshore included a $240 million provision in its financial statement for the first half of the year in anticipation of a potential settlement for improper sales practices.
SBM provides floating production systems for the oil and gas industry and related services.… Continue Reading
The Russian media boss who served as the Kremlin press secretary and helped set up the state-funded RT network has bought at least three houses in the Los Angeles area worth over $28 million, a U.S.… Continue Reading