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Foreign Corrupt Practices Act

All articles tagged with #foreign corrupt practices act

legalfinancial-crime1 year ago

"Gunvor Agrees to $661M Settlement for Ecuadorian Bribery Case"

Gunvor, a Swiss commodities trading company, has pleaded guilty and agreed to pay over $661 million to resolve a U.S. Justice Department investigation into violations of the Foreign Corrupt Practices Act. The company admitted to a corrupt scheme involving substantial bribes to Ecuadorean government officials to secure business with Petroecuador. Gunvor will pay a criminal monetary penalty of $374,560,071 and forfeit $287,138,444 in ill-gotten gains. The guilty plea and sentencing mark efforts to combat corruption, with the company also resolving investigations by Swiss and Ecuadorean authorities. Gunvor's cooperation and remedial measures were considered in the resolution, which also involved guilty pleas from individuals implicated in the bribery scheme.

via Department of Justice|
#bribery#foreign-corrupt-practices-act#gunvor
business2 years ago

"SAP Settles $230 Million Bribery Charges with U.S. Authorities"

SAP, the German enterprise tech company, will pay over $230 million to settle bribery charges with U.S. authorities, accused of violating the Foreign Corrupt Practices Act by bribing government officials in Indonesia and South Africa. The company will enter a deferred prosecution agreement and pay a $98 million disgorgement to the SEC, totaling over $235 million. This is the second time SAP has settled bribery allegations with U.S. regulators, and the company stated that the past conduct of certain former colleagues and partners does not reflect its values or commitment to ethical behavior.

via CNBC|
#bribery#business#foreign-corrupt-practices-act
legalcorporate-crime2 years ago

SAP Agrees to $220M Settlement for Foreign Bribery Investigations

SAP SE has agreed to pay over $220 million to settle investigations by the U.S. Justice Department and SEC into violations of the Foreign Corrupt Practices Act. The investigations revealed that SAP engaged in bribery schemes in South Africa and Indonesia to secure government contracts. As part of the resolution, SAP entered into a deferred prosecution agreement and will pay a criminal penalty and administrative forfeiture. The company also committed to implementing compliance criteria in its compensation and bonus system and undertook significant remedial measures. The FBI’s International Corruption Unit and the U.S. Postal Inspection Service are investigating the case.

via Department of Justice|
#bribery#foreign-corrupt-practices-act#justice-department
business2 years ago

3M Faces SEC Charges for Violating Foreign Corrupt Practices Act in China

The Securities and Exchange Commission (SEC) has charged 3M Company with violating the Foreign Corrupt Practices Act (FCPA) by arranging for Chinese government officials to attend overseas events as a pretext to provide them with tourism activities and induce them to purchase 3M products. 3M's Chinese subsidiary paid nearly $1 million for at least 24 trips that included leisure activities. The employees falsified compliance documents and colluded with Chinese travel agencies to hide the alternate itineraries. 3M has agreed to pay over $6.5 million to settle the charges and has agreed to cease future violations.

via SEC.gov|
#3m#business#china
legalfinancial-crime2 years ago

Colombian Conglomerate Resolves Foreign Bribery Investigations with $80M Settlement

Colombian financial services institution Corficolombiana has agreed to pay over $80 million to resolve parallel bribery investigations by authorities in the United States and Colombia. The investigations were related to the company's involvement in a scheme to pay millions of dollars in bribes to high-ranking government officials in Colombia. Corficolombiana conspired with Brazilian construction conglomerate Odebrecht to win a contract for a highway toll road project. The resolution includes a three-year deferred prosecution agreement with the US Department of Justice and a payment of $40.6 million in criminal penalties. The company will also pay over $40 million in disgorgement and prejudgment interest as part of a resolution with the US Securities and Exchange Commission.

via Department of Justice|
#bribery#colombia#corficolombiana