All FCPA articles – Page 31
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Internal Controls, Audit Committees Primed for SEC Scrutiny
Every February SEC officials convene at the Practising Law Institute’s “SEC Speaks” conference, where commissioners can break news and staff can detail priorities for the New Year. The focus this year, from rulemaking to enforcement, was on financial reporting internal controls, and ways to improve audit committees. And, of course, ...
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Blog
Akamai Self-Reports FCPA Probe
Akamai Technologies disclosed in its annual report with the SEC that it is conducting an internal investigation related to potential violations of the Foreign Corrupt Practices Act. The cloud services provider said it voluntarily reported the internal investigation to the SEC and Department of Justice last month. Details inside.
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Blog
General Cable Sets Aside $24 Million for Angola Bribes
General Cable said this week in a regulatory filing that it has set aside an estimated charge of $24 million that it believes the Securities and Exchange Commission likely will disgorge from profits derived from sales tainted by improper payments made in Angola. In September, the maker of copper, aluminum, ...
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Blog
Goodyear to Pay $16 Million for FCPA Violations
Goodyear Tire & Rubber Co. has reached a $16 million settlement with the SEC to resolve charges that it violated the Foreign Corrupt Practices Act when its subsidiaries paid bribes to land tire sales in Kenya and Angola. Goodyear neither admitted nor denied the SEC’s findings. Details inside.
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Blog
Eli Lilly: Justice Department Drops FCPA Probe
Eli Lilly announced in a regulatory filing last week that the Department of Justice has closed its Foreign Corrupt Practices Act investigation without bringing any charges. The parallel investigation followed a $29.4 million civil settlement that the drug company reached with the Securities and Exchange Commission in 2012 for FCPA ...
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Blog
AG Nominee Loretta Lynch on FCPA Enforcement
Image: Anyone curious about where attorney general nominee Loretta Lynch stands on enforcement of the Foreign Corrupt Practices Act now has a lot of reading material. Lynch answered a host of written questions from the Senate Judiciary Committee, giving her views on the Justice Department’s current level of transparency, the ...
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Blog
Flowserve Uncovers Potential FCPA Violations
Flowserve said this week in a securities filing that it has discovered potential violations of the Foreign Corrupt Practices Act. The developer of valves and pumps said that it has uncovered actions involving an employee based in an overseas subsidiary that violated its Code of Business Conduct, and may have ...
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Blog
Video: What it Looks Like When Your GC is Wearing a Wire
In April, the criminal trial of former PetroTiger CEO Joseph Sigelman for alleged violations of the FCPA will begin in federal court in Camden, New Jersey. Prosecutors allege that Sigelman bribed a Colombian official at Ecopetrol SA, a state-run energy company, to win a contract for PetroToiger. The WSJ reports ...
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Blog
TEVA Expands Scope of FCPA Probe
An internal investigation that Teva Pharmaceutical Industries began three years ago into possible violations of the Foreign Corrupt Practices Act continues to expand in scope, and further appears to have found evidence of wrongdoing, the company stated in a recent filing with the Securities and Exchange Commission. Details inside.
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Blog
Foley & Lardner Launches FCPA Compliance Solution
Law firm Foley & Lardner announced the launch this week of Foley Global Risk Solutions, anew service offering designed to help companies operating overseas comply with the Foreign Corrupt Practices Act. Foley GRS is a web-based program that provides companies with integrated legal services, including key components of an effective ...
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Article
What a Good FCPA Audit Looks Like
Image: An audit of compliance with your company’s FCPA policies is no easy task. It requires skilled personnel, sophisticated data analytics, and an understanding of the difference between an audit and investigation. Inside, we walk through the fundamentals of all three. “The focus is really to create dialogue” with audit ...
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Blog
No Charges in News Corp. Phone Hacking Scandal
Twenty-First Century Fox and News Corp. announced in separate regulatory filings with the SEC that the Justice Department will not file charges following the completion of its investigation into the phone hacking scandal. Both companies faced potential charges for violations of the Foreign Corrupt Practices Act concerning alleged bribes paid ...
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Blog
Mead Johnson Provides Status on FCPA Probe
Mead Johnson Nutrition disclosed this week in an earnings call that the government’s investigation into possible violations of the Foreign Corrupt Practices Act continues to progress, but with no end in sight. “At this time, we can’t predict how or when the matter will be resolved,” said Chief Executive Officer ...
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Blog
Cobalt: SEC Drops Foreign Bribery Probe
Cobalt International Energy announced yesterday that it has received a termination letter from the Securities and Exchange Commission, stating that the agency does not intend to recommend any enforcement action after looking into potential violations of federal securities laws related to Cobalt's operations in Angola. “This formally concludes the SEC’s ...
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Blog
SEC Eyeing BNY Mellon on Anti-Bribery
BNY Mellon disclosed in a Form 8-K filing with the SEC last week that certain of its current and former employees have received Wells notices for potential violations of the Foreign Corrupt Practices Act. BNY Mellon said it received a similar Wells notice in the fourth quarter of 2014. Details ...
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Blog
Engineering Firm Nicked $3.4M on FCPA
Engineering and construction firm PBSJ has agreed to pay $3.4 million in financial remedies to the SEC for violations of the Foreign Corrupt Practices Act by offering and authorizing bribes and employment to foreign officials to secure Qatari government contracts. Details inside.
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Blog
Nortek Launches FCPA Probe
Nortek disclosed last week in a regulatory filing with the Securities and Exchange Commission that it has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act concerning potential improper payments made by its Chinese manufacturing unit. Details inside.
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Blog
Petrobras Names First Governance, Risk and Compliance Officer
Petrobras this week appointed João Adalberto Elek as its first governance, risk and compliance officer. His appointment comes at a time when the Brazilian state-owned oil giant faces an investigation over allegations that certain of its executives engaged in a money-laundering and bribery scheme whereby billions of dollars were shaved ...
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Blog
A Recap of FCPA Enforcement in 2014
Foreign Corrupt Practices Act enforcement actions brought by the Justice Department and the Securities Exchange Commission in 2014 held steady in comparison to the previous year's enforcement numbers, while the average price tag in penalty amounts continued to skyrocket. In 2014, the average total value of monetary resolutions in FCPA ...
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Article
Lessons to Learn From the Alstom Fiasco
The record $772 million criminal penalty reached between the Justice Department and French power and transportation giant Alstom is yet another real-life example of corporate governance gone haywire. Abounding with cover-ups and an overall lack of due diligence, “The Alstom case is the antithesis of the hallmarks of an effective ...