Monday, April 6, 2020

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Flavor Company Says Subsidiary Managers Knew About Improper Payments

New York-based International Flavors & Fragrances Inc. has confirmed that senior managers in its Israeli subsidiary Frutarom Industries Ltd. knew about improper payments in Ukraine and Russia. The company disclosed the potential bribery in August 2019 and launched an internal investigation, following its acquisition of the company in October 2018. The company said it has […]
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SEC Probes Raytheon Over Potentially Improper Payments

The Securities and Exchange Commission is investigating possible improper payments made by Raytheon and its partners in the Middle East. SEC issued a subpoena seeking information from Raytheon and its joint venture with Thales SA. Regulators are seeking information about payments made in the region by the companies or any intermediaries dating back to 2014. […]
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Corruption and its Effect on Termination Payments: Lessons for LatAm Project Finance Transacctions

The landmark decision in the Ruta del Sol arbitration against the Agencia Nacional de Infraestructura – ANI, the Colombian government agency in charge of awarding concessions through public-private partnerships for the design, construction, maintenance, operation and administration of transport infrastructure in Colombia, addresses the key issue of whether governments must honor termination payments when the award […]
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AirAsia denies corruption in Airbus order as Malaysia probes bribe claims

Malaysia’s anti-graft agency is investigating allegations by Britain’s Serious Fraud Office that Airbus paid a bribe of US$50 million to win plane orders from AirAsia Group and its long-haul arm, AirAsia X. The allegations concern a 2012 sponsorship agreement between the now-defunct Caterham Formula 1 racing team founded by AirAsia boss Tony Fernandes, and Airbus’s […]
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Colombia’s Avianca Embroiled in Airbus Bribery Scandal

An executive of Colombia’s largest airliner Avianca sought at least $4 million in bribes to secure the purchase of 100 so-called A320neo aircraft from Airbus in April 2015, according to the French anti-corruption agency AFA. The purchase was hailed at the time as “the largest single order ever made in Latin America’s aviation history.” Airbus […]
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Sri Lanka to Probe Aircraft Deal After Airbus Corruption Settlement

Sri Lanka’s president has ordered a fresh investigation into a multi-billion dollar aircraft purchase involving the country’s loss-making national carrier, after Airbus agreed to a $4 billion settlement with France, the United Kingdom, and the United States to settle corruption cases sparked by suspicious equipment sales. One of the allegations accused Airbus of failing to […]
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UK Court Fines Airbus £3 Billion Over Bribes

The UK Crown Court at Southwark has issued a £3 billion fine to Europe’s biggest aerospace company, after Airbus admitted paying huge bribes between 2011 and 2015 on an “endemic” basis. The bribes were intended to help the company win contracts in 20 countries, including Malaysia, Sri Lanka, Indonesia, Taiwan, and Ghana, and possibly China, […]
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The Rise Of International Whistleblowers: Qui Tam Rewards For Non-U.S. Citizens

Thousands of non-U.S. citizens, from over 120 countries, are actively using U.S. laws to report serious economic crimes and corruption throughout the world. These new whistleblowers are actively using modern whistleblower qui tam or reward laws that cover violations of major anti-corruption laws such as the Foreign Corrupt Practices Act. The fact that thousands of international residents are actively […]
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Airbus Faces US$4 Billion Fine After International Bribery Probe

Airbus has agreed to a nearly $4 billion fine rather than face criminal charges that could result in a crippling ban from public contracts in the United States and European Union. The deal with French, British, and U.S. authorities follows a three-year probe into allegations of bribery and corruption involving jetliner sales over the past […]
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Ericsson: Some Executives Acted “in Bad Faith for Illegitimate Purposes”

In a statement about its recent $1 billion FCPA resolution, Swedish telecom Ericsson made some frank admissions about its bad actors, and provided rare insight into what simultaneous FCPA negotiations with the DOJ and SEC are like. The company also gave more details about what it’s been doing to fix its compliance and ethics program. […]
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