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Friday Roundup

Roundup

Affirmed, very distressing, scrutiny updates, and for the reading stack. It’s all here in the Friday roundup.

Affirmed

As highlighted in this previous post, in July 2017 Dmitrij Harder was sentenced to 60 months (5 years) in federal prison and also ordered to forfeit $1.9 million after pleading guilty to two counts of violating the FCPA for “bribing an official at the European Bank for Reconstruction and Development (EBRD).”

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What Does This Mean For Goldman Sachs?

Goldman

This post highlighted recent criminal charges against former Goldman Sachs employees Roger Ng and Tim Leissner for paying bribes to various Malaysian and Abu Dhabi officials in connection with 1Malaysia Development Berhad (1MDB), Malaysia’s state-owned and state-controlled investment development company.

The question thus arises: what does this mean for Goldman?

In both the Ng indictment and Leissner information the DOJ clearly asserts, on several occasions, respondeat superior allegations. In other words, that Ng and Leissner (as well as certain other unindicted co-conspirators at Goldman) were employees and agents of Goldman and while acting within the scope of their employment with the intent, to at least in part, benefit Goldman engaged in various conduct. Moreover, as a result of the conduct, the DOJ alleged that Goldman earned approximately $600 million in fees and revenue.

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DOJ Announces FCPA And Related Enforcement Action Against Individuals Associated With Goldman Sachs In Connection With 1MDB Fund

lowleiss

In arguably one of the most high-profile individual Foreign Corrupt Practices Act enforcement actions in recent years, the DOJ announced yesterday that Low Taek Jho (Jho Low), Ng Chong Hwa (Roger Ng – a former managing director at Goldman Sachs), and Tim Leissner (the former Southeast Asia Chairman at Goldman Sach and Participating Manager Director) were charged with FCPA offenses for paying bribes to various Malaysian and Abu Dhabi officials in connection with 1Malaysia Development Berhad (1MDB), Malaysia’s state-owned and state-controlled investment development company. The individuals were also charged with conspiring to launder billions of dollars embezzled from 1MDB.

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Friday Roundup

Roundup

Scrutiny alerts and updates, quotable, and for the reading stack. It’s all here in the Friday roundup.

Scrutiny Alerts and Updates

As highlighted in this recent post, Glencore plc, an Anglo–Swiss mining company with headquarters in Switzerland and ADRs traded on a U.S. exchange recently announced that it received a subpoena from the DOJ “to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes.  The requested documents relate to the Glencore Group’s business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present.”

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Friday Roundup

Roundup

Guilty plea, scrutiny alerts, absurd and remarkable, and Caldwell to private practice. It’s all here in the Friday roundup.

Guilty Plea

As highlighted in this January post, the DOJ announced Foreign Corrupt Practices Act, and related charges, against four individuals for their roles in a scheme to pay $2.5 million in bribes to facilitate the $800 million sale of a commercial building in Vietnam to a Middle Eastern sovereign wealth fund.

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