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Glencore Resolves An Approximately $443 Million Net FCPA Enforcement Action

glencore

In mid-2018 Glencore (a commodities company incorporated in the United Kingdom and headquartered in Switzerland disclosed that it was under scrutiny by the DOJ. (See here for the prior post).

Specifically, the company disclosed:

“Glencore Ltd, a subsidiary of Glencore plc, has received a subpoena dated 2 July, 2018 from the US Department of Justice to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes.  The requested documents relate to the Glencore Group’s business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present. Glencore is reviewing the subpoena and will provide further information in due course as appropriate.”

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Stericyle Resolves A Net $59 Million FCPA Enforcement Action

stericle

Stericycle (an Illinois based medical waste disposal company) has been under FCPA scrutiny since mid-2017 (See here).

As highlighted here, approximately two months ago the company disclosed that it had “reached agreements in principle with the DOJ and SEC.” Specifically, Stericycle disclosed:

Yesterday, the DOJ and SEC announced (here and here) a parallel FCPA enforcement action against Stericycle.

The DOJ enforcement action involved this criminal information charging Stericycle with  two counts of conspiracy to violate (1) the FCPA’s anti-bribery provisions, and (2) the FCPA’s books and records provision. The criminal charges were resolved via this deferred prosecution agreement pursuant to which Stericycle agreed to pay a net $35 million criminal penalty.

The SEC enforcement action involved this administrative order finding that Stericycle violated the FCPA’s anti-bribery, books and records, and internal controls provisions pursuant to which the company agreed to pay a net approximate $24 million in disgorgement and prejudgment interest.

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Survey Says

Survey Results

Recently, Ethics and Compliance Initiative (ECI) released this survey titled “Corporate Compliance Programs and U.S. Department of Justice Enforcement Policies.”

As stated by ECI, the survey “was designed to obtain ethics & compliance leaders’ opinions about the DOJ’s enforcement guidelines and their intersection with corporate compliance programs.”

According to ECI, the “survey was conducted online, accessible through: unique invitation links sent to qualifying individuals; and an anonymous link posted on ECI’s and partner organizations’ platforms and websites.” Data collection took place May through June 2021 and participates included: 248 chief ethics & compliance officers (CECOs), chief compliance officers (CCOs) and chief ethics officers (CEOs) or their equivalents.”

A few data points that caught my eye.

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Former Corsa Coal VP And Head Of International Sales Pleads Guilty To Egypt Bribery Scheme

Cushmore

Corsa Coal Corp. is a publicly traded Pennsylvania-based coal mining company focused on the production and sales of metallurgical coal, an essential ingredient in the production of steel. It’s core business is producing and selling metallurgical coal to domestic and international steel and coke producers.

Between 2016 and 2020, Frederick Cushmore Jr. (pictured) was employed by Corsa in various international sales positions including Vice-President, Head of International Sales. (See here for Corsa’s 2018 press release announcing Cushmore’s promotion. In the release, Corsa’s CEO stated: “We are thrilled to … provide Fred with a well-deserved promotion.”

Recently, Cushmore was criminally charged and plead guilty to a conspiracy charge to violate the FCPA’s anti-bribery provisions in connection with a bribery scheme in Egypt.

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

CS

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.

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