Tuesday, January 25, 2022

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The Growing Risk of Corporate Board Member Liability

The Delaware Chancery Court is continuing its trend of permitting Caremark claims against corporate board members who fail to exercise proper oversight and monitoring of compliance programs. Over the past few years, the Delaware Chancery Court has consistently raised the stakes and expectation for Board member performance on corporate boards. In this 20-minute episode of […]
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Younger Son of Panamanian Ex-President Martinelli Pleads Guilty to Odebrecht Bribery and Laundering Charges

Luis Enrique Martinelli Linares, son of former Panamanian president Ricardo Alberto Martinelli Berrocal, has pleaded guilty to laundering $28 million, in a scheme involving more than $700 million in bribes to officials in Panama and other countries, to secure business for Brazilian construction giant Odebrecht. Luis Martinelli admitted that he and his brother (Ricardo Alberto […]
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New OECD Anti-Bribery Recommendation Contains Improvements

The OECD has adopted a new Recommendation with the potential to significantly enhance the global enforcement of bribery of foreign public officials in international business. While not legally binding, the OECD Working Group on Bribery will from now on monitor how different members implement the new Recommendation in the context of its country-by-country evaluation of […]
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IDB Debars Belgian Engineering Company

The Inter-American Development Bank has debarred Tractebel Engineering S.A. of Belgium for three years and ten months, for fraudulent and corrupt practices related to a project in Haiti. According to the IDB, Tractebel failed to disclose fees paid to agents, and misrepresented the availability of an individual designated as “key personnel.” A Tractebel subcontractor also […]
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As EU Whistleblower Regulation Enforcement Date Nears, Ripple Effects Expected Across Europe

The European Union’s Whistleblower Protection Directive requires each member state to enact its provisions by December 17, at which point those will become effective in that country. Denmark and Sweden have already done so, and several others are likely to meet the deadline. This will introduce complications for multinational companies with subsidiaries in the EU, […]
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Son of Panamanian Ex-President Martinelli Extradited to Face Odebrecht Bribery and Laundering Charges

Luis Enrique Martinelli Linares has been extradited from Guatemala to face an indictment charging him and his brother, Ricardo Alberto Martinelli Linares, in connection with the Odebrecht S.A. bribery and money laundering scheme. The alleged undertaking involved more than $700 million in bribes to government officials in Panama and elsewhere on behalf of Odebrecht. The […]
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Kenyan Consultancy Debarred over Conflict of Interest Disclosure in Somali Project

The World Bank has debarred Africa Development Professional Group Ltd., a Kenyan management consultancy and advisory company, for 21 months. The bank says that ADP failed to disclose a conflict-of-interest relationship in a contract proposal for a $40 million World Bank project designed to strengthen several central government ministries and agencies in Somalia. Source: FCPA […]
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Credit Suisse Settlement Carries Broader Lessons about Reputational Risk

On October 19, 2021, the SEC announced that Credit Suisse Group AG agreed to pay $100 million to the SEC (among other penalties to other agencies) for violations of the FCPA’s internal controls and books and records provisions. The violations in the Credit Suisse case include a series of financial transactions involving the bank and […]
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Transparency International Praises Proposal for Beneficial Ownership Registers

Transparency International praises proposed amendments to the global standard on company ownership put forward by the Financial Action Task Force, saying they have the potential to significantly strengthen countries’ resistance to corruption. FATF is preparing to require that all countries set up a register of beneficial ownership, or something with similar effect. Transparency International expresses […]
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DOJ Announces Anticorruption Task Force Initiative Focused on Latin America

The Department of Justice has announced new measures by its Anticorruption Task Force to target corruption in Latin America, specifically in the Northern Triangle...