Top Menu

United Technologies Corp. Resolves $13.9 Million Enforcement Action

UTC

Yesterday, the SEC announced that United Technologies Corporation resolved a $13.9 million Foreign Corrupt Practices Act enforcement action.

The conduct at issue concerned Otis Elevator Co. (a wholly-owned subsidiary of UTC), Pratt & Whitney (an operating division of UTC), and International Aero Engines (a joint venture of five aerospace companies including Pratt & Whitney) regarding a Russian and Azerbaijani improper payment scheme, a China aviation scheme, improper payments for Otis Elevator sales in China, and leisure travel for foreign officials from several countries including China, Kuwait, South Korea, Pakistan, Thailand, and Indonesia.

Continue Reading

DOJ Once Again Returns To Russia Nuclear Bribery Scheme As Transport Logistics International Resolves $2 Million Enforcement Action

TENEX

As highlighted in this prior post, in August 2015 the DOJ announced a Foreign Corrupt Practices Act and related enforcement action against Daren Condrey (an owner and executive of Maryland-based Transport Logistics International – TLI) and Vadim Mikerin (an alleged Russian “foreign official”) in connection with a nuclear industry bribery scheme.

As highlighted in this prior post, Mikerin (a Maryland resident) worked for a Maryland corporation (TENAM Corporation), but the DOJ considered him a Russian “foreign official” because TENAM was a wholly-owned subsidiary on TENEX – an entity “indirectly owned and controlled by, and performed functions of, the government of the Russian Federation.”

Continue Reading

DOJ Returns To Russia Nuclear Bribery Scheme And Announces Additional Criminal Charges

lambert

Previous posts here and here highlighted the DOJ’s 2015 Foreign Corrupt Practices Act enforcement action concerning a Russian nuclear bribery scheme.

As highlighted in the previous posts, Daren Condrey pleaded guilty to FCPA violations for allegedly bribing Vadim Mikerin.

Mikerin was an alleged Russian “foreign official” because he worked for TENAM Corp. (a Maryland corporation) because TENAM was a wholly-owned subsidiary on TENEX – an entity “indirectly owned and controlled by, and performed functions of, the government of the [Russian government].”

Continue Reading

Reboot – Russian Nuclear Industry Bribery Scheme

reboot

Unfortunately in this day and age it is difficult to analyze the news. It seems that approximately 40% of Americans have their preferred news sources which report (and do not report) certain things, approximately 40% of other Americans have their preferred news sources which report (and do not report) certain things, which leaves approximately 20% Americans trying to figure what is actually going on.

For instance, certain media outlets this week (but not others) have devoted substantial coverage of the Obama administration approving “a controversial deal in 2010 giving Moscow control of a large swath of American uranium” [even though] the FBI had gathered substantial evidence that Russian nuclear industry officials were engaged in bribery, kickbacks, extortion and money laundering designed to grow Vladimir Putin’s atomic energy business inside the United States.”

Continue Reading

Friday Roundup

Roundup

Offensive use of the FCPA, a weekend homework assignment, already answered, scrutiny alert, and for the reading stack. It’s all here in the Friday roundup.

Offense Use of the FCPA

FCPA Ripples highlights, among other things, how the FCPA is increasingly being used offensively including in connection with battles for corporate control.

The latest example concerns Elliott Management Corporation’s efforts to unseat board members at Arconic Inc. The recent departure of Arconic’s CEO Klaus Kleinfeld for apparently threatening Elliott Management (an existing Arconic shareholder) was all over the news (see here for example) and this recent Elliott Management letter to Arconic shareholders assails the “poor judgment” of Arconic’s board including the following.

Continue Reading

Powered by WordPress. Designed by WooThemes