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In The Words Of Hester Peirce

Peirce

This site is a big fan of SEC Commissioner Hester Peirce and this post highlights two recent statements she issued.

Neither of the statements are Foreign Corrupt Practices Act specific, but both are FCPA relevant.

Earlier this week, the SEC announced “settled charges against The Brink’s Company (“Brinks”) for requiring employees to sign restrictive confidentiality agreements prohibiting the disclosure of any financial or business information to third parties, without an exemption for potential SEC whistleblowers, from at least 2015 through 2019.”

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Former Ericsson Executives Acquitted In Sweden

acquittal

In December 2019, Swedish telecom company Ericsson resolved a net $1.06 billion Foreign Corrupt Practices Act enforcement action. The enforcement action concerned conduct in Djibouti, China, Vietnam, Kuwait, Indonesia, and Saudi Arabia.

As to Djibouti, the DOJ alleged that various Ericsson employees “conspired and agreed with others to corruptly provide approximately $2,100,000 in bribe payments to, and for the benefit of, foreign officials in Djibouti, including Foreign Official 1 (described a high-ranking government official in the executive branch of the Djibouti government who had influence over decisions made by a state-owned telecommunications company), Foreign Official 2 (similarly described), and Foreign Official 3 (described as the CEO of the state-owned telecom company), in order to secure an improper advantage in order to obtain and retain business with Telecom Company and to win a contract valued at approximately €20,300,000 with Telecom Company (the “Telecom Company Contract”).”

Earlier this week, four former Ericsson executives were acquitted in Sweden concerning the same core conduct related to Djibouti. (See here and here for media coverage).

This is interesting.

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Glencore Pleads Guilty In The U.K.

glencore

In connection with the May Foreign Corrupt Practices Act enforcement action against Glencore, the U.K. Serious Fraud Office also announced that a Glencore entity was charged with seven counts of bribery in connection with its oil operations.

Yesterday, the SFO announced that:

“Glencore Energy (UK) Ltd has … been convicted on all charges of bribery brought against it by the Serious Fraud Office (SFO).  At Southwark Crown Court, the company admitted to multiple counts of paying bribes to secure access to oil and generate illicit profit. The SFO’s investigation exposed that Glencore, via its employees and agents, paid bribes of over $28 million for preferential access to oil, including increased cargoes, valuable grades of oil and preferable dates of delivery.  These actions were approved by the company across its oil operations in Nigeria, Cameroon, Ivory Coast, Equatorial Guinea and South Sudan. Glencore will be sentenced on 2nd  and 3rd November his year.”

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“Compliance Officer” / Dad

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Yesterday was Father’s Day and for the seventh straight year I publish this post (with updates) as the “compliance officer” / Dad journey continues and our twin boys turned 14 this year.

Father is just one of my titles when it comes to the boys. Coach and Compliance Officer being a few others. As to the later, Co-Compliance Officer along with my wife is the more accurate title (I wonder what the “Compliance 2.0” [or are we on to 3.0 now] folks would say about this structure)?

Father’s Day is a chance to reflect and to be sure being a Dad has informed my view of many things including compliance. When you really think about, compliance and parenting have a lot in common.

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