All Asia articles – Page 8
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Article
World Bank debars Kalpataru Power Transmission for fraud
The World Bank announced the debarment of India-based Kalpataru Power Transmission for 12 months and one day for fraudulent practices connected to power development projects in the Democratic Republic of the Congo and Egypt.
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ArticleSamsung heir indicted on market manipulation, accounting fraud charges
Lee Jae-yong, the heir and de facto leader at Samsung, was indicted by South Korean prosecutors on charges related to a 2015 merger of two subsidiaries and alleged irregularities in accounting practices at another subsidiary.
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Article
ICA, Mongolian Compliance Association launch bespoke qualification
The International Compliance Association announced a partnership with the Mongolia Compliance Association to offer a bespoke e-learning program to 12 professional associations and their 10,000-plus members in compliance-related roles.
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ArticleGoldman Sachs reaches $4B 1MDB settlement with Malaysia
Goldman Sachs reached a nearly $4 billion agreement in principle with the Government of Malaysia to resolve all criminal and regulatory proceedings related to three 1MDB bond transactions.
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ArticleCigarette filter maker agrees to first-ever U.S.-North Korea sanctions DPA
A cigarette filter maker has entered into the first-ever U.S.-North Korea DPA with the Justice Department for sanctions violations and agreed to pay a fine of $665,112 to the Treasury Department’s Office of Foreign Assets Control.
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ArticleAnalysis: Oil collapse leaves Singapore traders scrambling
Recent fraud complaints at oil traders in Singapore highlight the risks in the international business of commodity finance, where high prices provide high rewards and low prices can leave lenders exposed.
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ArticleAt urging of compliance committee, Samsung head apologizes for bad behavior
Jay Lee admitted Samsung “has not strictly complied with laws and ethics” at a press conference organized by the company’s new compliance oversight committee.
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ArticleAnalysis: Lessons from a Singapore oil tycoon in the time of coronavirus
When the tide of coronavirus went out on the oil industry, it revealed a mountain of hidden debt for OK Lim’s oil trading company, which reminds financial crime expert Martin Woods of an old saying from Warren Buffet.
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ArticleNew index shows sharp decline in manufacturing imports from China
Compliance officers will want to check out a new index revealing a sharp decline in manufacturing imports from China and other dramatic shifts in the supply-chain risk landscape, a trend that will only continue due to the coronavirus.
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ArticleSurvey: Past crises prepared compliance for coronavirus pandemic
A benchmarking survey from Compliance Week found practitioners weren’t prepared for the specific coronavirus crisis, but that previous crises (think 9/11) left them ready to be leaders during this global pandemic.
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ArticleJudge acquits Alstom exec on FCPA charges
In a setback for the DOJ, a federal judge has acquitted, in part, a former executive of French power and transportation company Alstom for his role in a foreign bribery scheme in Indonesia.
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ArticleDisruptions caused by coronavirus affecting global supply chain
The burgeoning coronavirus outbreak not only sent markets crashing on Monday, it also put a spotlight on companies whose supply chains have been severely disrupted by the ongoing crisis.
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Article
Airbus contractors feeling ripple effect from record fine
Airbus is free to go about its business after paying a record fine to three anti-corruption agencies for widespread bribery, but the trouble is only beginning for some of its implicated contractors.
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ArticleAirAsia on defense after Airbus-related bribery allegations
AirAsia is doing damage control after executives at the budget airline were referenced as recipients of a $50 million bribe from plane maker Airbus in the latter’s $4 billion global bribery settlement.
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ArticleTI reveals political power correlation to corruption
Lack of campaign finance transparency and increased perceptions of political power among the wealthy are factors that correlate with a high risk of corruption according to Transparency International’s 2019 Corruption Perceptions Index.
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ArticleEagle Shipping settles ‘egregious’ OFAC case for $1.1M
Eagle Shipping International will make a handful of enhancements to its compliance controls as part of a $1.125 million settlement with the Department of the Treasury’s Office of Foreign Assets Control.
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ArticleSamsung establishes compliance oversight committee
Samsung Group has announced its intent to establish a corporate compliance oversight committee as the company seeks to clean up its tarnished reputation following a slew of scandals.
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ArticleCasino operators in Japan must gamble on compliance risks
Japan’s plans to launch a casino industry have been marred recently by a widening bribery scandal that highlights the compliance risks associated with the operation.
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Article
Ex-Nissan chair Carlos Ghosn secretly flees Japan
Carlos Ghosn, the former chairman of Japanese automaker Nissan, late last week secretly fled Japan, where he was awaiting trial over allegations of financial misconduct.
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ArticleEricsson finalizes $1B FCPA settlement
Swedish telecom giant Ericsson has entered a $1 billion settlement with U.S. authorities to resolve a long-running investigation into violations of the FCPA that spanned 17 years and several geographies and involved high-level executives.