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From Across The Pond

UK2

This post highlights developments in the United Kingdom regarding foreign bribery enforcement actions.

As highlighted here, a director of PV Energy Ltd (Peter Virdee also known as Hardip Singh) was charged with bribing a foreign public official in that he allegedly bribed Asot Michael (a Member of Parliament and Government Minister of Tourism, Economic Development Investment and Energy for Antigua and Barbuda) to benefit PV Energy Ltd. PV Energy ltd was simultaneously charged with failing to prevent bribery in relation to the same offences.

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Potpourri

Potpourri

Ericsson

As highlighted in this prior post, in 2019 Ericsson (a Swedish telecom company with American Depositary Shares traded in the U.S.) resolved a $1.06 billion FCPA enforcement action concerning conduct in Djibouti, China, Vietnam, Kuwait, Indonesia, and Saudi Arabia.

As part of the resolution, Ericsson was required to engage an independent compliance monitor for a three-year period.

In late 2022, Ericsson announced “that it has agreed with the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) to extend the term of the Company’s Independent Compliance Monitor for one year, to June 2024.” (See here for the prior post).

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