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Friday Roundup

Roundup

Monitor costs, scrutiny alert, quotable, and survey says. It’s all here in the Friday roundup.

Monitor Costs

As highlighted in prior posts here and here, in late 2019 Ericsson resolved a Foreign Corrupt Practices Act enforcement action and the $1.06 billion settlement amount was the largest net FCPA settlement amount in history. As a condition of settlement, Ericsson was required to engage an independent compliance monitor for a three-year period.

Recently, Ericsson disclosed “a provision of SEK 0.6 billion [approximately $60 million] was made to cover future monitoring costs.” (See here for the article “FCPA Ripples.”)

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Friday Roundup

Roundup

Banking bar, Kokesh related, OECD shaming, quotable, downfall, and listening in. It’s all here in the FCPA roundup.

Banking Bar

The Federal Reserve recently announced “that it is prohibiting Tim Leissner and Ng Chong Hwa, also known as Roger Ng, from the banking industry for their participation in a scheme to illegally divert billions of dollars from a Malaysian sovereign wealth fund. Leissner was also fined $1.42 million and consented to the permanent ban.”

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Friday Roundup

Roundup

Never mind that …, “foreign official” charges, scrutiny alert, ISO-37001 related, and ethics inquiry up north. It’s all here in the Friday roundup.

Never Mind That …

Never mind that Cobalt International – not once, but twice – beat back the government in connection with FCPA scrutiny in Angola (see prior posts here and here as well as this podcast).

Nevertheless, a federal court judge recently approved an approximate $175 million settlement of investor class action claims alleging various securities laws violations by Cobalt related to its FCPA scrutiny (see here). As to the plaintiffs’ lawyers, well they get 25% of that amount plus approximately $2 million in reimbursement of litigation expenses.

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Friday Roundup

Roundup

Interesting, from the DOJ’s perspective, pay them more, sanctioned, scrutiny update, exit, and for the reading stack. It’s all here in the Friday roundup.

Interesting

As highlighted here, in December 2016 Odebrecht S.A. (a Brazilian holding company) and Braskem S.A. (a Brazil-based petrochemical company in which Odebrecht owns a majority of voting shares) resolved a large FCPA and related enforcement action largely concerning conduct in Brazil including the companies relationships with Petrobras as well as allegations of improper payments in Angola, Argentina, Brazil, Colombia, Dominican Republic, Ecuador, Guatemala, Mexico, Mozambique, Panama, Peru, and Venezuela.

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