For at least ten years, Germany’s financial regulator heard detailed complaints from reliable sources about a $2 billion accounting fraud at Wirecard AG but failed to act.… Continue Reading
As enforcement actions against corporate crime grow, so also have coordinated multi-jurisdictional settlements. These are arrangements involving two or more enforcement agencies from different countries wherein the participating agencies agree to cooperate in settling alleged corporate wrongdoing often using common corrective measures.… Continue Reading
The chairman of the U.S. Securities and Exchange Commission, Jay Clayton, chose a speech in September to the Economic Club of New York to argue that when it comes to enforcement of anti-corruption laws, the United States is “acting largely alone.”… Continue Reading
The recent acquittal of three former members of Tesco senior management raises important questions for companies about the UK DPA process.
The SFO has also just decided to terminate the investigation into the Rolls-Royce managers after the company had entered into a DPA and accepted fines of $800 million based on the guilt of those same individuals.… Continue Reading
The UK Serious Fraud Office said Friday it has closed bribery investigations into UK-based GlaxoSmithKline PLC and individuals at subsidiaries of Rolls-Royce Holdings PLC.
SFO director Lisa Osofsky said in a statement there was “either insufficient evidence to provide a realistic prospect of conviction or it is not in the public interest to bring a prosecution in these cases.”… Continue Reading
The DOJ unsealed FCPA charges against five men Tuesday for a bribery plot to help Rolls-Royce win an equipment contract on a gas pipeline from Kazakhstan to China. Four have pleaded guilty and the fifth man is a fugitive.… Continue Reading
The Financial Reporting Council is investigating KPMG for failing to spot large-scale bribery at Rolls-Royce. But there are serious questions whether the regulator, which is yet to impose a sanction in a corruption-related case, will carry out a proper inquiry.… Continue Reading
Until the SFO announced its charges against Barclays, not a single UK bank or individual had faced criminal prosecution for their role in the financial crisis of 2008.
The financial crisis and the recession that resulted is the root cause of the austerity measures that are causing such deep damage to the UK’s public bodies, including local councils, the National Health Service, fire departments and schools.… Continue Reading