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
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.
Small and medium enterprises (SMEs) in emerging markets in Eurasia must demonstrate the ability to assess and mitigate corruption risks in order to do business with multinational firms. The vast majority of SMEs in the region are unable to do so.… 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
During most interviews, I’m asked this question or something like it: More companies than ever have compliance programs. Yet huge scandals keep making headlines. What gives?
To be fair, there’s plenty of evidence that compliance has failed: Volkswagen cheated on diesel emissions tests.… Continue Reading
Last week police in Malaysia arrested former prime minister Najib Razak after seizing $273 million of loot from his houses and condos.
Prosecutors think Najib and his wife bought the loot with money stolen from Malaysia’s sovereign wealth fund, 1MDB.… 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
Dutch prosecutor Miranda van Turennout will deliver the keynote speech at GIR Live in Washington, DC on February 16.
Turennout, a senior prosecutor at the Dutch Public Prosecutor’s Office (OM), is currently leading a Dutch investigation into allegations that Swedish telecoms company Telia paid bribes to Uzbek officials for access to the country’s telecoms market.… Continue Reading
For many years the Dutch government lagged behind countries like the United States, the UK and Germany enforcing anti-corruption laws. But that has recently changed in a dramatic way.
Two recent enforcement actions included disgorgements to the SEC that are among the ten biggest FCPA disgorgments of all time.
As part of its $412 million resolution with the DOJ and SEC in late September, hedge fund manger Och-Ziff Capital Management Group (and its affiliate OZ Africa Management GP LLC) agreed to disgorge about $199 million to the SEC.… Continue Reading