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Scrutiny Of Indian Issuer Grows


There have been several Foreign Corrupt Practices Act enforcement actions regarding conduct in India (see here for some of the actions). Certain of those enforcement actions involved the conduct of Indian subsidiaries of U.S. issuers.

However, it is believed that there has never been an FCPA enforcement action against an Indian issuer.

That may change.

As highlighted in this prior post, in November 2020 Dr. Reddy’s Laboratories Ltd., (an India-based pharmaceutical company with ADRs listed on the New York Stock Exchange) disclosed that it “has commenced a detailed investigation into an anonymous complaint” alleging that “healthcare professionals in Ukraine and potentially in other countries were provided with improper benefits in violation of U.S. laws.”

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Stimler Enforcement Action – The Consequential E-Mail


Yesterday’s post highlighted the Foreign Corrupt Practices Act (and related) enforcement action against Anthony Stimler (a U.K. citizen and resident who was a trader at Glencore (a commodities company incorporated in the United Kingdom and headquartered in Switzerland).

The FCPA anti-bribery charge against Stimler invoked the so-called 78dd-3 prong of the statute which has the most demanding jurisdictional hook.

Specifically, “while in the territory of the United States, corruptly to make use of the mails or any means or instrumentality of interstate commerce or to do any other act in furtherance of an offer, payment, promise to pay, or authorization of the payment of any money, or offer, gift, promise to give, or authorization of the giving of anything of value to” a foreign official.

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Former Glencore Trader Pleads Guilty To FCPA And Related Offense


As highlighted in this prior post, for approximately two years Glencore (a commodities company incorporated in the United Kingdom and headquartered in Switzerland with common stock that trades on the New York based over-the-counter market) has been under scrutiny for conduct in Nigeria, the Democratic Republic of Congo, and Venezuela (as well as perhaps other countries).

Earlier this week Anthony Stimler pleaded guilty to FCPA and money laundering offenses. Stimler is described as a United Kingdom citizen and resident who was a trader at a Glencore subsidiary who worked on the West Africa desk from in or around 2002 until in or around 2009 and then again from in or around June 2011 until in or around August 2019. According to the DOJ “In that role, Stimler had responsibility for crude oil purchases from, among other places, Nigeria, and acted on behalf of Company 1 [Glencore] in procuring crude oil from Nigeria.”

In summary fashion, the criminal information alleges:

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Every so often it is interesting to go back into the archives and this post rewinds back ten years ago to July 2011.

Enjoy the trip down memory lane.

The Foreign Corrupt Practices Act is of course no laughing matter. Yet if an FCPA joke book is ever written there is surely to be an entry about the approximate $16 million FCPA enforcement action brought by the SEC against Diageo. In short, it involved Indian and Korean military officials, a Thai lobbyist, and a Korean Customs official, who while on a purely recreational side-trip to Budapest, stopped in a bar, nibbled on some rice cakes, downed a Guinness and talked about product labeling, excise taxes, and transfer pricing. In the words of the SEC: “Over more than six years, Diageo, through its subsidiaries, paid over $2.7 million to various government officials in India, Thailand, and South Korea in separate efforts to obtain lucrative sales and tax benefits.”

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This Week On FCPA Professor


FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”

Set forth below are the topics discussed this week on FCPA Professor.

This post highlights CROOK Act gobbledygook.

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