A former Alstom SA executive who carried a UK passport, worked in France, and said he never set foot in the United States, was convicted Friday by a federal jury on 11 of 12 counts for his part in a scheme to bribe government officials in Indonesia.… Continue Reading
As Saudi Arabia prepares to assume the G20 presidency, the B20 – or Business 20 – has announced the creation of taskforces to address six thematic priorities in 2020.… Continue Reading
Swedish telecom giant Ericsson said Wednesday it reserved around $1.2 billion to resolve an expected FCPA enforcement action by the DOJ and SEC.… Continue Reading
Microsoft Corporation paid the DOJ and SEC $25.3 million Monday to settle FCPA offenses related to its operations in Hungary, Saudi Arabia, Thailand, and Turkey.… Continue Reading
Gulf Cooperation Council countries have been working since 2014 to weave Shariah-compliant blockchain technology and cryptocurrencies into their existing financial and legal infrastructure.… Continue Reading
A former sales executive of Embraer SA was sentenced Wednesday to time served and fined $25,000 for paying a bribe to help sell jets to the giant oil company, Saudi Aramco.… Continue Reading
A special court in Spain is investigating executives at a state-owned defense company that allegedly paid millions in bribes to win weapons contracts with Saudi Arabia spanning two decades.
Audiencia Nacional, the Spanish court, is investigating five deals between Defex and Riyadh from 1992 to 2004.
Defex’s former president, vice-president, and chairman are under investigation for “a systematic criminal behavior pattern,” Judge José de la Mata said.… Continue Reading
Saudi Arabia changed its law this week to remove the statute of limitations for anti-corruption investigations into current and former ministers of the world’s largest petroleum exporter.
The amendment disposes of the sixty-day statute of limitations that previously governed investigations into alleged corrupt activity.
The chairman of the National Anti-Corruption Commission Khalid bin Abdul Mohsen Al-Muhaisen said the change will “enable the Commission and competent authorities to carry out their tasks effectively and efficiently to protect public money, the state’s interests and the national economy from corruption.”
This amendment isn’t the first change the Kingdom has made to fight corruption.… Continue Reading
Your company has just won a major contract with a foreign government, and before you can even break out the champagne, your customer instructs you to engage a specific local subcontractor.… Continue Reading
It’s ironic that Saudi Prince Al-Waleed bin Talal, the richest tech investor in the Middle East, criticized block chain technology and Bitcoin by calling it a “fraud.”
The Gulf Cooperation Council countries, including Saudi Arabia, have been working since 2014 to weave sharia compliant Blockchain technology and Bitcoin into their existing financial and legal infrastructure, while transforming them all at the same time.… Continue Reading
The UK Serious Fraud Office has been investigating corruption allegations against Airbus subsidiary GPT on a Saudi contract overseen by the UK Military of Defense.… Continue Reading