Foreign Issuers Archives - FCPA Professor

Interesting

By Mike Koehler on April 7, 2022 in Foreign Issuers

The SEC’s most recent Foreign Corrupt Practices Act enforcement action was against KT Corporation – a South Korea corporation – in February 2022. (See here and here for prior posts).

Prior to the that, was the SEC’s FCPA enforcement action against Credit Suisse – a Swiss Corporation (see here). Prior to that against WPP – a United Kingdom Corporation (see here). Prior to that Amec Foster Wheeler – a U.K. corporation and successor in interest to a Swiss corporation (see here). Prior to that Deutsche Bank – a German corporation (see here and here). In fact, all of the SEC’s corporate FCPA enforcement actions in 2021 were against foreign corporations.

If you are scoring at home, that’s five straight SEC corporate FCPA enforcement involving foreign companies.

South Korea’s KT Corp. Resolves $6.3 Million FCPA Enforcement Action

By Mike Koehler on February 18, 2022 in 2022 Enforcement Action, Charitable Contributions, Foreign Issuers, Internal Controls, KT Corp., KT Corporation, Political Contributions, SEC Enforcement Action, South Korea, Telecommunications Industry, Vietnam

KT Corporation is a Seoul, South Korea based telecommunications company with American Depositary Shares registered with the SEC and traded on the New York Stock Exchange.

Yesterday, the SEC announced that the company agreed to pay $6.3 million “to resolve charges that it violated the Foreign Corrupt Practices Act by providing improper payments for the benefit of government officials in Korea and Vietnam.”

In summary fashion, this administrative order finds:

Credit Suisse Resolves $99 Million SEC FCPA (And Related) Enforcement Action

By Mike Koehler on October 20, 2021 in 2021 Enforcement Actions, CreditSuisse, Due Diligence, Financial Services Industry, Foreign Issuers, Mozambique, SEC Enforcement Action, Third Parties

As highlighted here and here, in July 2018 Credit Suisse resolved a $77 million Foreign Corrupt Practices Act enforcement action focused on alleged improper hiring practices in China and the Asia Pacific region.

As highlighted here, in January 2019 the DOJ unsealed criminal charges against former Credit Suisse bankers Andrew Pearse, Surjan Singh, and Detelina Subeva charging them with conspiracy to violate the FCPA’s anti-bribery and internal controls provisions in connection with financing various Mozambican maritime projects.

This follow-up post wondered what the 2019 enforcement action would mean for Credit Suisse.

Issues To Consider From The WPP Enforcement Action

By Mike Koehler on September 28, 2021 in Foreign Issuers, Gray Cloud, Internal Controls, Jurisdiction, Statute of Limitations, WPP

This previous post highlighted the recent $19.2 million SEC Foreign Corrupt Practices Act enforcement action against London-based advertising agency WPP (a company with depositary shares traded on the New York Stock Exchange).

This post continues the analysis by highlighting additional issues to consider.

No Disclosure

Most issuers under FCPA scrutiny tend to disclose the scrutiny in SEC filings and thereafter disclose scrutiny developments in subsequent filings.

However, WPP appears to be a relatively rare example of an issuer not disclosing FCPA scrutiny.

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Interesting

South Korea’s KT Corp. Resolves $6.3 Million FCPA Enforcement Action

Credit Suisse Resolves $99 Million SEC FCPA (And Related) Enforcement Action

Issues To Consider From The WPP Enforcement Action

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