It’s a familiar FCPA enforcement pattern. Companies in the same segment fall like dominoes. Medical device makers, pharmas, banks, mobile phone operators, oil and gas service providers and producers — all have had their turn in the enforcement spotlight.… Continue Reading
Goldman Sachs Group Inc. shattered our top ten list with a $3.3 billion FCPA settlement with the U.S. Department of Justice and Securities and Exchange Commission, sending it straight to number one.… Continue Reading
As enforcement actions against corporate crime grow, so also have coordinated multi-jurisdictional settlements. These are arrangements involving two or more enforcement agencies from different countries wherein the participating agencies agree to cooperate in settling alleged corporate wrongdoing often using common corrective measures.… Continue Reading
The FCPA Blog recently published the Top 40 FCPA penalties of all time. If you look at the companies that paid the largest penalties, you’ll see that four of the top ten are telecom companies: Ericsson and Telia (both from Sweden), Mobile TeleSystems (Russia), and Vimpelcom (Netherlands).… Continue Reading
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