February 22, 2018
The FCPA Flash podcast provides in an audio format the same fresh, candid, and informed commentary about the Foreign Corrupt Practices Act and related topics as readers have come to expect from written posts on FCPA Professor.
This FCPA Flash episode is a conversation with Michael Goldberg (Baker Botts). Goldberg represented Cobalt International Energy in connection with several instances of FCPA scrutiny and as highlighted in this recent post his client refused to settle. During the podcast, Goldberg discusses his client’s FCPA scrutiny, the reasons for his client’s refusal to settle, the negative effects Cobalt experienced despite prevailing, and how the world of investigations is broken and who shares the blame.
February 21, 2018
In yesterday’s 4Q FY2018 earnings call presentation WalMart disclosed $7 million in Foreign Corrupt Practices Act and compliance related expenses ($4 million for ongoing investigations and inquiries and $3 million for global compliance program and organizational enhancements).
The Q4 expenses of $7 million compare to the following recent quarterly expenses: Q3 FY2018 $5 million, Q2 FY2018 $12 million, Q1 FY2018 $16 million; Q4 FY2017 $17 million; Q3 FY2017 $29 million; Q2 FY 2017 $28 million, and Q1 FY2017 $25 million).
Doing the math, Wal-Mart’s 4Q FY2018 FCPA and compliance-related costs is approximately $113,000 per working day.
February 20, 2018
This recent Wall Street Journal article titled “A Corporate Giant Lurks Behind the Winter Olympics” chronicles Samsung’s role in the Olympics. According to the article “never before have an Olympics, a host country, and a major company been so closely intertwined” and the article largely focuses on the dual role of Lee Kun-hee “as Chairman of a major Olympic sponsor [Samsung] and an International Olympic Committee member.”
According to the article, Lee (after being released from prison for breach of trust and tax evasion) spent 170 days on 11 separate trips marketing Pyeongchange to IOC voters and that some of the meetings “were arranged with the help of Europe-based Samsung staff and conducted at the company’s local offices.”
February 19, 2018
Today is Presidents’ Day.
This post highlights the roles of the Gerald Ford, Jimmy Carter, Ronald Reagan, and William Clinton administrations in enactment and subsequent development of FCPA legal authority.
The article “The Story of the Foreign Corrupt Practices Act” also contains a detailed overview of the roles of the Ford and Carter administrations.
February 18, 2018
Interested in elevating your Foreign Corrupt Practices Act knowledge and practical skills?
For professionals in the FCPA space – or wishing to join the FCPA space – this is what the FCPA Institute is all about and the next FCPA Institute will be in Nashville on May 3-4.
The FCPA Institute is different than a typical FCPA conference.
At the FCPA Institute, information is presented in an integrated and cohesive manner by an expert instructor with FCPA practice and teaching experience. Moreover, the FCPA Institute promotes active learning by participants through issue-spotting videos, skills exercises, small-group discussions and the sharing of real-world practices and experiences. To best facilitate the unique learning experience that the FCPA Institute represents, attendance at each FCPA Institute is capped at 25 participants.