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Issues To Consider From Recent Enforcement Actions

By on January 14, 2019 in Electrobras, Gray Cloud, Internal Controls, Polycom, Statute of Limitations
Issues

Previous posts here and here highlighted the late December 2018 Foreign Corrupt Practices Act enforcement actions against Eletrobras and Polycom. This post continues the analysis by highlighting additional issues to consider.

Timelines

As highlighted in this previous post, in June 2015 it was reported that Eletrobras hired a law firm to investigate FCPA issues. Thus, the company’s FCPA scrutiny appears to have lasted approximately 3.5 years. Once again, if the SEC wants its FCPA enforcement program to be viewed as legitimate and credible, it must resolve instances of FCPA scrutiny much quicker.

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Friday Roundup

By on January 11, 2019 in Boeing, Ciena Corp, Collateral Effects, Deferred Prosecution Agreements, Demand for Bribes, Dmitry Firtash, DOJ, Electrobras, McKinsey & Co., Non-Prosecution Agreement, Odebrecht, Raul Gorrin Belisario, SEC, Third Parties, Treasury Department
Roundup

Interesting, from the DOJ’s perspective, pay them more, sanctioned, scrutiny update, exit, and for the reading stack. It’s all here in the Friday roundup.

Interesting

As highlighted here, in December 2016 Odebrecht S.A. (a Brazilian holding company) and Braskem S.A. (a Brazil-based petrochemical company in which Odebrecht owns a majority of voting shares) resolved a large FCPA and related enforcement action largely concerning conduct in Brazil including the companies relationships with Petrobras as well as allegations of improper payments in Angola, Argentina, Brazil, Colombia, Dominican Republic, Ecuador, Guatemala, Mexico, Mozambique, Panama, Peru, and Venezuela.

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No Shut Down For FCPA Enforcement

By on December 27, 2018 in 2018 Enforcement Actions, Books and Records, Brazil, Electrobras, Internal Controls, Nuclear Industry, SEC Enforcement Action
openforbusiness

The last week of December has traditionally been an active week for Foreign Corrupt Practices Act enforcement. However, with the partial government shutdown there was an open question what would happen with the end of 2018.

Yesterday, the SEC answered that question by announcing two enforcement actions: (i) a $2.5 million action against Brazil-based Centrais Elétricas Brasileiras S.A. (Eletrobras); and (ii) a $16 million action against Polycom.

This post highlights the Electrobras enforcement action and another post will highlight the Polycom enforcement action

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Friday Roundup

By on August 24, 2018 in Electrobras, Microsoft, Offensive Use of FCPA, Sinovac Biotech
Roundup

Apparently not, scrutiny updates, silly offensive use, and not credible. It’s all here in the Friday roundup.

Apparently Not

This May 2017 post asked whether Sinovac might become the first Chinese issuer to resolve an FCPA enforcement action after the SEC began an inquiry regarding certain bribery and corruption issues in China.

Apparently not as the company recently announced:

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Friday Roundup

By on October 7, 2016 in Angola, Charitable Contributions, Collateral Effects, Country Exits, Dan Gertler, Double Standard, Electrobras, Embraer, Hiring Family Members of Foreign Officials, McDonald’s, Och-Ziff Capital, Och-Ziff Capital Management, Siemens, Wal-Mart
Roundup

Scrutiny alerts and updates, ripples, difficult business conditions, resource alerts, and for the reading stack. It’s all here in the Friday roundup.

Scrutiny Alerts and Updates

Wal-Mart

Bloomberg reports:

“Wal-Mart Stores Inc. is butting heads with the U.S. government over how to wrap up a long-running foreign corruption investigation. Officials have proposed that the world’s biggest retailer pay at least $600 million to resolve probes by the Justice Department and the Securities and Exchange Commission into whether it bribed government officials in markets from Mexico to India and China, according to three people familiar with the matter. The retailer has rebuffed the government’s request, two of them said.

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