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Issues To Consider From The Tenaris Enforcement Action

Issues

This post highlighted the recent $78.1 million Foreign Corrupt Practices Act enforcement action against Tenaris (the second time the company has resolved an FCPA enforcement action in the last approximate decade).

This post highlights additional issues to consider from the enforcement action.

Timeline

Tenaris “voluntarily notified” the SEC and DOJ of the matters involved in the enforcement action in October 2016.

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Issues To Consider From The Glencore Enforcement Action

Issues

This previous post highlighted the recent net $443 million Foreign Corrupt Practices Act enforcement action against Glencore.

This post highlighted the CFTC’s related enforcement action against the company.

This post discussed how the executive officer certification in the FCPA enforcement action sets up Glencore personnel to fail.

This post continues the analysis by highlighting additional issues to consider from the Glencore FCPA enforcement action.

Timeline

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It’s A Joke How Long Companies Are Typically Under FCPA Scrutiny

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As highlighted in this prior post, in February 2018 Albemarle Corp. (a North Carolina based chemical company) disclosed Foreign Corrupt Practices Act scrutiny.

Specifically the company disclosed:

“Following receipt of information regarding potential improper payments being made by third party sales representatives of our Refining Solutions business, we promptly retained outside counsel and forensic accountants to investigate potential violations of the Company’s Code of Conduct, the Foreign Corrupt Practices Act (“FCPA”), and other potentially applicable laws. Based on this internal investigation, we have voluntarily self-reported potential issues relating to the use of third party sales representatives in our Refining Solutions business to the U.S. Department of Justice (“DOJ”) and Securities and Exchange Commission (“SEC”), and intend to cooperate with the DOJ and SEC in their review of these matters. In connection with our internal investigation, we have implemented, and are continuing to implement, appropriate remedial measures. At this time, we are unable to predict the duration, scope, result or related costs associated with any investigations by the DOJ or SEC. We also are unable to predict what, if any, action may be taken by the DOJ or SEC or what penalties or remedial actions they may seek.”

Fast forward and approaching 4.5 years later, Albemarle is still under FCPA scrutiny.

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Issues To Consider From The Stericycle Enforcement Action

Issues

This previous post highlighted the recent net $59 million Foreign Corrupt Practices Act enforcement action against Stericycle (an Illinois based medical waste disposal company) for conduct in Brazil, Mexico, and Argentina.

Portions of the alleged conduct were egregious in that an executive of the company’s Latin America division orchestrated the bribery schemes and others associated with the company used “spreadsheets to track the bribe payments.”

Nevertheless, there are several legal and policy issues to consider from the enforcement action.

Timeline

As highlighted in this post, Stericycle disclosed its FCPA scrutiny in mid-2017.

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