Swedish Company Bribes Foreign Officials, U.S. Collects $1.06 Billion In Record-Setting FCPA Enforcement Action
Late last Friday, the DOJ and SEC announced (here and here) a record-setting Foreign Corrupt Practices Act action Swedish telecom company Ericsson (a company with American Depositary Shares traded in the U.S.). The $1.06 billion settlement amount is the largest net FCPA settlement amount in history surpassing the $850 million FCPA enforcement action against Russian telecom company MTS in March 2019 (see here).
The enforcement action concerned conduct in Djibouti, China, Vietnam, Kuwait, Indonesia, and Saudi Arabia.
Friday Roundup
Scrutiny alerts, sentenced, Odebrecht-related, messaging apps, and for the reading stack. It’s all here in the Friday roundup.
Scrutiny Alerts
Ericsson
At present, the largest net settlement in an FCPA enforcement action is $850 million. (See here).
This may soon be eclipsed as Ericsson recently disclosed:
Friday Roundup
Good lord, scrutiny alert and updates, across the pond, and for the reading stack. It’s all here in the Friday roundup.
Good Lord
Here is how Rep. Jackie Speier (an individual with a law degree) described the Foreign Corrupt Practices Act on a recent CNN program – “It is a requirement that anyone doing business with a foreign entity make sure that none of the money that comes into a project has been laundered.”
Good lord, get it right or stop talking about the FCPA.
Friday Roundup
Scrutiny alerts and updates, overstating, and for the reading stack. It’s all here in the Friday roundup.
Scrutiny Alerts and Updates
Fresenius
As highlighted in this previous post, German healthcare firm Fresenius Medical Care AG (a company with shares traded on the NYSE) has been under FCPA scrutiny since 2012 (no that is not a typo). As highlighted in this previous post, earlier this year the company disclosed:
Friday Roundup
A home run, quotable, monitors, up north, scrutiny alerts and updates, irksome, and for the reading stack. It’s all here in the Friday roundup.
Home Run
The latest issue of the always informative FCPA Update from Debevoise & Plimpton (released by the way on the opening day of the Major League Baseball season) hits a home run.
The lead article by Paul Berger (former Associate Director of the SEC’s Enforcement Division) concerns the recent Elbit Imaging enforcement action (see here for the prior post) and states in pertinent part: