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DOJ Quietly Releases “Declination With Disgorgement” Letter Agreement Concerning Insurance Corp. Of Barbados Ltd.

icbl

Yesterday, the DOJ quitely posted to its FCPA website this “declination with disgorgement” letter concerning Insurance Corporation of Barbados Limited (ICBL).

Pursuant to the agreement, ICBL agreed to pay approximately $94,000 to the U.S. for alleged bribes to a Barbadian government official in exchange for insurance contracts.

The full text of the DOJ’s letter to ICBL’s counsel (Adam Siegel – Freshfields Bruckhaus Deringer) is as follows.

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Societe Generale Resolves Net $293 Million FCPA Enforcement Action Concerning Conduct In Libya That Occurred 9-14 Years Ago

Societegeneral

Earlier today, the DOJ announced that “Société Générale S.A. (SoGen), a global financial services institution based in Paris, France, and its wholly owned subsidiary, SGA Société Générale Acceptance N.V. (“SGA”) agreed to resolve a Foreign Corrupt Practices Act enforcement action “relating to a multi-year scheme to pay bribes to officials in Libya.” As indicated in the DOJ release and confirmed by a DOJ representative, the net FCPA settlement amount is $293 million after crediting $293 million for a related French law enforcement action.

In addition, the DOJ announced that Société Générale agreed to pay $275 million for violations arising from its manipulation of the London InterBank Offered Rate (LIBOR).

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Supreme Court Questions Whether Dollar-Denominated Transactions Or Other Financial Transactions In The U.S. Are Sufficient To Assert Jurisdiction Over Foreign Corporations

supremecourt

Largely because of how the DOJ and SEC have chosen to enforce the Foreign Corrupt Practices Act (that is resolution vehicles not subjected to any meaningful judicial scrutiny), the Supreme Court has never been presented with an opportunity to interpret the FCPA (and likely never will be so long as the current state of affairs continues). Heck, you can count on one hand (and have a few fingers left over) the number of substantive FCPA decisions issued by appellate courts.

Nevertheless, in recent years the Supreme Court has issued several decisions that are FCPA relevant and in every one the court has questioned certain aspects common in FCPA enforcement. The most recent example occurred in an Alien Tort Claims Act case (Jesner v. Arab Bank) in which the majority opinion questioned in dicta whether dollar-denominated transactions or other financial transactions in the U.S. are sufficient to assert jurisdiction over foreign corporations.

Prior to discussing the recent Jesner decision, this post highlights how such allegations are common in FCPA enforcement actions against foreign corporations.

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Issues To Consider From The Keppel Offshore & Marine Enforcement Action

Issues

This previous post went in-depth into the net $105.5 million Foreign Corrupt Practices Act enforcement action against Keppel Offshore & Marine (and a related entity) regarding various bribery schemes in Brazil. This post continues the analysis by highlighting additional issues to consider.

FCPA First

The enforcement action against Keppel Offshore & Marine is believed to be the first FCPA enforcement action ever against a company based in Singapore.

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Keppel Offshore & Marine Resolves Net $105.5 Million FCPA Enforcement Action Based On Brazil Bribery Schemes

Keppel

Do not finalize those 2017 Foreign Corrupt Practices Act statistics just yet. Similar to prior years, late December has become an active time for FCPA enforcement.

Yesterday, the DOJ announced a net $105.5 million enforcement action against Keppel Offshore & Marine Ltd. (a Singapore-based company which describes itself as a “global leader in offshore rig design, construction and repair, ship repair and conversion, and specialised shipbuilding”) and Keppel Offshore & Marine USA Inc. (a wholly-owned subsidiary based in Texas).

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