The brother and nephew of former United Nations Secretary-General Ban Ki-moon were charged Tuesday with FCPA and other offenses in connection with the planned $800 million sale of Vietnam’s tallest building.… Continue Reading
Posts Tagged: South Korea
The Korean National Assembly agreed this month to impeach President Park Geun-hye based on the influence-peddling scandal of her confidante, Soon-sil Choi.
The main issue was whether the South Korean chaebols — family-owned conglomerates such as Samsung, Hyundai and LG — were buying influence or preferential treatment from the Park administration by providing financial benefits to Choi and her daughter.… Continue Reading
One of South Korea’s top executives was found dead on a walking trail Friday morning in Gyeonggi Province in an apparent suicide.
Lotte Group vice chairman Lee In-won, 69, the closest aide to Lotte chairman Shin Dong-bin, was found hanging from a tree.… Continue Reading
We’ve talked about South Korea’s foreign bribery laws and we looked at specific compliance risks related to gift giving, rebates, and kickbacks. In this post we’ll look at enforcement actions in South Korea and what specific steps can reduce compliance risks there.… Continue Reading
It is customary to send gifts and make cash donations in the regular course of business in South Korea. Exchanging gifts is a deeply rooted custom in Korean society, and this practice has historically been the source of various compliance issues for multinational companies operating in South Korea.… Continue Reading
South Korea has adopted the Foreign Bribery Prevention in International Business Transactions Act (FBPA), pursuant to its adherence to the Organization for Economic Co-operation and Development (OECD) Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.… Continue Reading
The Department of Justice returned $1.1 million in forfeited assets to the government of the Republic of Korea Monday.
The forfeited assets came from a corruption scheme orchestrated by former Korean President Chun Doo Hwan in the 1990s.… Continue Reading
So far, the federal government and 28 U.S. states have opened investigations into VW’s emission test cheating. Other countries investigating VW or its former CEO include South Korea, Switzerland, France, Italy, and Germany.… Continue Reading
Kolon Industries Inc. pleaded guilty Friday in federal court in Alexandria, Virginia to conspiracy to steal trade secrets involving E.I. DuPont de Nemours & Co.’s Kevlar technology.
Federal judge Anthony J.… Continue Reading
Police in Canada arrested seven people, including officials of IBM and its local partner, along with employees of Quebec’s tax agency for alleged corruption in connection with a $24 million contract.… Continue Reading
The Department of Justice said Wednesday it settled a civil forfeiture case against $1.1 million in assets traceable to bribes taken by Chun Doo Hwan, the former president of South Korea. … Continue Reading
Contacts with a government in the course of conducting every day business raise the risk of providing something of value to a foreign official. This risk can be minimized via appropriate controls and efforts on the part of industry groups, through collective action, to improve regulatory quality.… Continue Reading