Another Enforcement Action Involving Ecuador’s Seguros Sucre
From time to time, there are certain Foreign Corrupt Practices Act enforcement actions in which the core allegations just seem to “keep on giving” and spawn several related enforcement actions.
A prime example were the many FCPA (and related) enforcement actions involving Haiti Teleco from approximately ten years ago (see here) and the many recent enforcement actions concerning Venezuela’s PDVSA.
Enforcement actions concerning Ecuador’s Seguros Sucre S.A. (“Seguros Sucre”), an alleged state-owned insurance company and “instrumentality” of the Ecuadorian government are beginning to add up.
Potpourri
Not Credible
If two U.S. Senators want to be taken seriously when discussing the general topic of corruption and specifically the Foreign Corrupt Practices Act, they need to get a few basic things right.
Such as the year in which the law they are talking about was passed.
However, in this piece Senators Roger Wicker and Ben Cardin states: “The FCPA, passed in 1973, makes it illegal for a U.S. business to pay a bribe abroad and collects enormous fines and penalties every year—often in the billions of dollars.”
For the record, the FCPA was passed in 1977.