Extradition is the official process where one country transfers a suspected or convicted criminal to another country. The process dates back to at least the 1300s BC, when Ramesses II of Egypt negotiated an extradition treaty with Hattusili III, a Hittite king.… Continue Reading
The movement to use anticorruption enforcement proceeds for the benefit of corruption’s true victims is gaining ever more momentum.
The UNCAC Coalition — a global network of over 350 civil society organisations in over 100 countries, committed to promoting the ratification, implementation and monitoring of the UN Convention Against Corruption — has recently drafted a letter to U.S.… Continue Reading
Friends of the FCPA Blog — Sandy Sierck and Nick Diamond, who represent the Socio-Economic Rights and Accountability Project in Nigeria — have another good idea. For years, SERAP has been petitioning the DOJ and SEC to return enforcement revenues to the real victims of overseas corruption: the citizens of the corrupt governments.… Continue Reading
Big-pharma Merck said an SEC filing Thursday that the DOJ has closed its FCPA investigation of the company.
Merck first disclosed in 2010 that it received letters from the DOJ and SEC asking for FCPA-related information about its activities in a number of countries.… Continue Reading
Listing shares internationally often carries unwelcome regulatory and compliance risks. This was recently highlighted by the SFO’s corruption probe into the London-listed Kazakh miner ENRC, shortly to be delisted, as well as probes into Indonesia miner and London-listed Bumi plc, and most recently by the SEC’s investigation of South Africa’s Gold Fields, which has a secondary New York listing.… Continue Reading
Company Involved: Ukrspecexport
Industry Subsector: Defense
Official Involved: Major General Almaz Asenov, former head of Defense Ministry’s Armament Department
Enforcement Action: Judgement
Summary: Maj. Gen. Almaz Asenov was sentenced to 11 years in prison in addition to confiscation of property for accepting $200,000 in bribes from two employees of Ukraine’s arms exporter Ukrspecexport.… Continue Reading
I’ve previously argued — following the DOJ’s lead — that the governments in developing countries are usually better understood as the co-conspirators in a bribery scheme than as the victims. So if we want to remedy the harms that resulted from particular bribes, we can’t go through them.… Continue Reading
The announcement could not be more timely. Yesterday, we learned that the government of Scotland has reached an agreement with the Aberdeen-based Abbot Group, setting aside £2 million of a £5.6 million bribery settlement to build rugby and soccer fields in impoverished communities.… Continue Reading
I suggested in the last post that using the proceeds of an FCPA enforcement action to directly compensate overseas victims had been done before. And it really worked. Or I should say, it is still working, to this day.… Continue Reading
The U.K. Serious Fraud Office said Thursday it has launched a criminal investigation of London-listed mining company ENRC plc.
‘The focus of the investigation will be allegations of fraud, bribery and corruption relating to the activities of the company or its subsidiaries in Kazakhstan and Africa,’ the SFO said in a statement.… Continue Reading