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Friday Roundup

By on February 15, 2019 in Antonio Maarraoui, Caliburn International, Cobalt International Energy, Collateral Effects, ISO 37001, Miguel Loya, Sallyport, Vitol
Roundup

Never mind that …, “foreign official” charges, scrutiny alert, ISO-37001 related, and ethics inquiry up north. It’s all here in the Friday roundup.

Never Mind That …

Never mind that Cobalt International – not once, but twice – beat back the government in connection with FCPA scrutiny in Angola (see prior posts here and here as well as this podcast).

Nevertheless, a federal court judge recently approved an approximate $175 million settlement of investor class action claims alleging various securities laws violations by Cobalt related to its FCPA scrutiny (see here). As to the plaintiffs’ lawyers, well they get 25% of that amount plus approximately $2 million in reimbursement of litigation expenses.

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FCPA Flash – A Conversation With Michael Goldberg On The Refusal To Settle

By on February 22, 2018 in Cobalt International Energy, FCPA Flash
FCPA Flash

The FCPA Flash podcast provides in an audio format the same fresh, candid, and informed commentary about the Foreign Corrupt Practices Act and related topics as readers have come to expect from written posts on FCPA Professor.

This FCPA Flash episode is a conversation with Michael Goldberg (Baker Botts). Goldberg represented Cobalt International Energy in connection with several instances of FCPA scrutiny and as highlighted in this recent post his client refused to settle. During the podcast, Goldberg discusses his client’s FCPA scrutiny, the reasons for his client’s refusal to settle, the negative effects Cobalt experienced despite prevailing, and how the world of investigations is broken and who shares the blame.

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Kudos To Cobalt – Refusing To Settle Is An Option

By on February 6, 2018 in Cobalt International Energy
fightback

In certain instances, FCPA scrutiny and enforcement is not necessarily about the law and facts, but rather a game of risk aversion in which business organizations (particularly issuers) have little appetite for putting the government to its burden of proof.

But attention general counsel, audit committee members, and board of directors.  Just because the SEC thinks your company has violated the Foreign Corrupt Practices Act, it isn’t necessarily so and you don’t have to roll over and write a check.  To state the obvious, unless a company caves, the SEC actually has to prove an FCPA violation and history has demonstrated that when forced to do, the SEC often fails.

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Friday Roundup

By on February 2, 2018 in Bilfinger, Cobalt International Energy, Collateral Effects, Compliance, OSI Systems
Roundup

Scrutiny alerts, post-enforcement action compliance enhancements, my own two cents, reality TV, and for the reading stack. It’s all here in the Friday roundup.

Scrutiny Alerts

OSI Systems

This December 2017 post highlighted the unusual origin of OSI Systems FCPA scrutiny – a short seller published a research report accusing the company of corruption. Yesterday, OSI Systems formally disclosed:

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Scrutiny Alerts And Updates

By on March 17, 2017 in Bombardier, Cobalt International Energy, Elek Straub, Mormon Church, Platform Speciality Products
magnify

Scrutiny alerts and updates regarding Elek Straub, Platform Speciality Products, Cobalt International, Bombardier, and the Mormon Church.

Elek Straub

In December 2011, in connection with the Foreign Corrupt Practices Act enforcement action against Magyar Telekom, the SEC also charged former Magyar Telekom executives Elek Straub (former Chairman and CEO); Andras Balogh (former Director of Central Strategic Organization); and Tamas Morvai (former Director of Business Development and Acquisitions) with various FCPA and related offenses. (See here for the prior post).

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