Last week’s $1.06 billion blockbuster resolution by Sweden’s Ericsson included disgorgement to the SEC of $540 million. By our count that’s the second biggest disgorgement ever ordered in an FCPA enforcement action.… Continue Reading
Enforcement actions by U.S. and European enforcement agencies as well as the World Bank have drawn attention to bribery offenses committed by multinational companies in Russia and other former Soviet republics, in particular in Central Asia.… Continue Reading
The world has now lived with the FCPA for more than 40 years and with hyper-enforcement for more than a decade. By now you’d think everyone on earth has learned about the risks of non-compliance.… Continue Reading
The DOJ unsealed charges Thursday against an Uzbek telecom exec and the daughter of the former Uzbek president for their roles in an $866 million bribery and money laundering scheme.
Russia’s biggest mobile phone company will pay $850 million in penalties to the DOJ and SEC to resolve FCPA violations, the SEC and the company said Wednesday.
MTS agreed to the SEC’s order finding that it violated the anti-bribery, books and records, and internal accounting controls provisions of the FCPA and will pay a $100 million penalty to the SEC.… Continue Reading
The UK Serious Fraud Office said Wednesday it is trying to recover assets bought with money connected to corrupt deals in Uzbekistan.
“The claim concerns a number of assets, including three UK properties, which the SFO alleges were obtained using the proceeds of corrupt deals in Uzbekistan involving Gulnara Karimova and Rustam Madumarov,” the SFO said. … Continue Reading
The SEC said in an enforcement order Thursday that Sweden’s Telia Company AB will disgorge $457 million to resolve FCPA violations in Uzbekistan.
Combined with $548.6 million in criminal penalties against the company reflected Thursday in court filings by the DOJ, less a $40 million offset, Telia will pay $965 million for the settlement.… Continue Reading
Swedish telephone firm Telia Company AB agreed Thursday to pay $548.6 million in criminal penalties to resolve FCPA offenses in Uzbekistan.
An Uzbek subsidiary, Coscom LLC, agreed separately to plead guilty.… Continue Reading
In my recent previous posts on the BOTA Foundation, I recapped its history and provided what I think were some of the critical factors which led it to be recognized as the most successful example the United States Department of Justice has had to date in returning recovered corruption assets.… Continue Reading
ING is under criminal investigation by Dutch prosecutors for money laundering and corruption in Uzbekistan, and authorities in the United States have also requested information from the bank.
In its annual report, ING said this week it is “the subject of criminal investigations by Dutch authorities regarding various requirements related to the on-boarding of clients, money laundering, and corrupt practices.”… Continue Reading
Sweden’s Telia Company said in a quarterly report released Friday that it has recorded a provision of $1.45 billion to settle investigations by U.S. and Dutch authorities of bribery in Uzbekistan. … Continue Reading