Many of us scratched our head in 2010 when the Oracle FCPA enforcement action came out. We didn’t understand how a company could be prosecuted, even civilly by the SEC for internal controls or book and records violations, without evidence that bribes had been paid.… Continue Reading
Posts Tagged: internal controls
In the world of anti-corruption internal controls, there is no “one-size-fits-all” model. Ideally, design and implementation of such controls should be thoughtful, rigorous and based on a robust and re-performable corruption risk assessment. … Continue Reading
Paris-based Alstom pleaded guilty Monday to bribing officials in Indonesia, Saudi Arabia, Egypt, and the Bahamas. It will pay $772 million in criminal penalties to settle the charges, the DOJ said.… Continue Reading
The Securities and Exchange Commission said Monday it sanctioned two former employees in the Dubai office of a U.S.-based defense contractor for violating the Foreign Corrupt Practices Act by taking government officials in Saudi Arabia on a “world tour” to help win business for the company.… Continue Reading
California-based life science company Bio-Rad Laboratories agreed Monday to pay a total of $55 million to settle DOJ and SEC allegations that subsidiaries made improper payments to foreign officials in Russia, Vietnam, and Thailand to win business.… Continue Reading
The Securities and Exchange Commission sanctioned a Scottsdale, Arizona-based software company for having inadequate internal accounting controls over its financial reporting, causing misstated revenues in public filings for four years.
The Securities and Exchange Commission charged Barclays Capital Inc. Tuesday with failing to maintain an adequate internal compliance system to make sure it didn’t violate any federal securities laws after its wealth management business in the U.S.… Continue Reading
Pete from DC, a compliance professional who’s always been a good friend of the FCPA Blog, sent this comment to our post about Indonesia’s cash-based economy. The post said in the country of 240 million people, a large majority don’t have bank accounts, and even some big businesses rely entirely on cash.… Continue Reading
The SEC last week charged two officers of a now bankrupt computer equipment company with misrepresenting the state of its internal controls over financial reporting.
The CEO of Florida-based QSGI Inc.,… Continue Reading
As first reported last week by Sam Rubenfeld of the Wall Street Journal, the SEC dropped internal controls charges in a civil FCPA action against a current and a former executive at Noble Corporation in order to “streamline the presentation” of the case.… 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