U.K. Announces Enforcement Action Involving Insurance Sector In Ecuador
As detailed below, in the past approximate five years, there have been several FCPA enforcement actions against companies and individuals involved in the insurance sector in Ecuador.
Tysers Insurance Brokers Limited and H.W. Wood Limited (2023)
As highlighted in this prior post, the DOJ alleged that “Tysers and H.W. Wood were engaged in a conspiracy the purpose of which was for the co-conspirators to enrich themselves by, among other things, corruptly offering bribes to, and for the benefit of Juan Ribas Domenech, Foreign Official 1, Foreign Official 2, and Foreign Official 3, each of whom was a foreign official in Ecuador, within the meaning of the FCPA … to influence the foreign officials and to secure improper advantages in order to obtain or retain reinsurance business from Seguros Sucre and Rocafuerte” (both alleged to be state-owned insurance companies).