Recently, the U.K.’s Financial Reporting Council, the U.K.’s audit regulator, imposed sanctions against KPMG Audit plc (KPMG) and Anthony Sykes, Audit Engagement Partner in relation to the statutory audit of the consolidated financial statements of Rolls-Royce Group plc (the Company) for the financial year ended 31 December 2010 (the Audit).
Fear based marketing, not a victim, dismissed, and for the reading stack.
It’s all here in the Friday roundup.
Fear Based Marketing
Another example of lawyers trying to market the COVID-19 situation by asserting that “the novel and exigent circumstances brought on by the pandemic significantly increase companies’ risk exposure under the Foreign Corrupt Practices Act and global anti-bribery laws.”
The piece even uses the personal protective equipment hypothetical that not even top DOJ officials seemed to be concerned about. (See here).
This post provides updates on long-standing FCPA scrutiny of the following companies: Fresenius, Noble Corp., Microsoft, Herbalife, Gartner, and TechnipFMC as well as an update from across the pond in the United Kingdom concerning GlaxoSmithKline and individuals associated with Rolls Royce.
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). The company recently disclosed:
Scrutiny alert, novice FCPA commentary matters, additional charges, survey says, across the pond, and for the reading stack. It’s all here in the Friday roundup.
Some companies disclose Foreign Corrupt Practices Act very early and then update the disclosure for years. Other companies have different disclosure practices. Global asset management firm Legg Mason Inc. (a company that has not previously disclosed FCPA scrutiny) recently disclosed:
The FCPA Flash podcast provides in an audio format the same fresh, candid, and informed commentary about the Foreign Corrupt Practices Act and related topics as readers have come to expect from written posts on FCPA Professor.
This FCPA Flash episode is a conversation with Camilla de Silva (Joint Head of Bribery and Corruption at the U.K. Serious Fraud Office). During the podcast, de Silva discusses: whether the Bribery Act (including both “hard” and “soft” enforcement) has been successful in achieving its objectives; the SFO’s position on ISO 37001 (it doesn’t have a position); whether the Rolls-Royce enforcement action (see here for a prior post) conflicted with Article 5 of the OECD Convention; and the U.K.’s approach to multi-jurisdictional issues.
See here for a previous FCPA Flash podcast episode with Matthew Wagstaff (Joint Head of Bribery and Corruption at the U.K. Serious Fraud Office).