Harry Cassin
Publisher and Editor
Andy Spalding
Senior Editor
Jessica Tillipman
Senior Editor
Bill Steinman
Senior Editor
Richard L. Cassin
Editor at Large
Elizabeth K. Spahn
Editor Emeritus
Cody Worthington
Contributing Editor
Julie DiMauro
Contributing Editor
Thomas Fox
Contributing Editor
Marc Alain Bohn
Contributing Editor
Bill Waite
Contributing Editor
Shruti J. Shah
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
American technology giant Oracle Corporation agreed Tuesday to pay the SEC $22.9 million to resolve charges that it violated the Foreign Corrupt Practices Act in Turkey, India, and the United Arab Emirates through subsidiaries that created and used slush funds to bribe foreign officials in return for business.… Continue Reading
Petrofac Ltd, a British oilfield services provider, agreed Monday to pay the UK Serious Fraud Office £77 million ($104.6 million) in penalties for Bribery Act offenses in Iraq, Saudi Arabia, and the United Arab Emirates.… Continue Reading
Dubai has been recently lambasted as a “money laundering paradise” by Transparency International and there’s no doubt that Dubai and the UAE in general are lagging in the world of compliance and regulation.… Continue Reading
An executive at Swiss pharma Novartis pleaded guilty in a bribery prosecution in Poland, the company has confirmed.
Poland’s anti-corruption bureau charged two women with bribery. Prosecutors said they gave a health fund official a tourist trip worth more than $1,000 in exchange for backing the sale of a particular drug, Reuters said.… Continue Reading
GlaxoSmithKline said Tuesday it is investigating allegations of corrupt payments in the United Arab Emirates.
The UK’s biggest pharma confirmed the investigation following allegations of improper payments set out in a whistleblower’s email sent to its top management Monday, Reuters said.… Continue Reading
The State Oil Company of Azerbaijan (SOCAR) signed an unusually rich production sharing agreement with a company based in the United Arab Emirates that has close ties to Azeri officials.
The deal Bahar Energy Limited (UAE) signed with SOCAR gives Bahar 80 percent of profits of the Gum-Deniz and Bahar oil fields, with the other 20 percent going to SOCAR.… Continue Reading
The New York Department of Financial Services said Tuesday that Standard Chartered Bank will pay $300 million for “failures to remediate anti-money laundering compliance problems” required by the bank’s 2012 settlement with the same regulator.… Continue Reading
The UK Serious Fraud Office said Monday it has launched a formal investigation of survey and construction services firm Sweett Group.
A notice on the SFO website dated July 14 said:
… Continue ReadingThe SFO confirmed today that the Director has opened an investigation into Sweett Group in relation to its activities in the United Arab Emirates and elsewhere.
The Securities and Exchange Commission asked Quanta Services Inc. to preserve documents tied to its Foreign Corrupt Practices Act compliance program, the company said in a securities filing Thursday.
Houston-based Quanta Services provides engineering, procurement and construction services for infrastructure.… Continue Reading
The Organization of the Petroleum Exporting Countries was founded in Baghdad in 1960 by five countries — Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela. It later expanded to the current twelve members.… Continue Reading
The top 20 oil producing nations have an average rank on the corruption perceptions index of 90 — just into the bottom half.
Not all are big exporters and not all are low on the cpi.… Continue Reading
Great post Tuesday by our cousins at thebriberyact.com.
They said the U.K. government has been intervening with overseas governments on behalf of U.K. businesses reporting problems with local corruption.
‘Since the passing of the Bribery Act in July 2010,’ the post said, ‘there have been four cases where U.K.… Continue Reading
