Smith and Wesson have paid US$2 million to the Securities and Exchange Commission (SEC) to settle an investigation into allegations of foreign bribery. The SEC alleged that the firearms manufacturer's sales staff made illegal payments or gave gifts to government officials to secure new business in Pakistan, Indonesia and other foreign countries.
Microsoft is China's latest target as it continues to crackdown on antitrust practices amongst foreign companies. Officials from the State Administration for Industry and Commerce (SAIC) visited Microsoft's local offices on Monday.
Two Australian public servants based in Victoria are being investigated for accepting bribes in exchange for awarding US$25 million in contracts. Barry Wells and Albert Ooi allegedly granted contracts in exchange for cash as well as giving Public Transport Contracts to companies they owned.
The English Football Association have said that FIFA should publish the report on Qatar's 2022 world cup bid, although it downplayed comment on Russia's 2018 bid due to mounting political tension with Russia over Ukraine.
A former president and chief executive of a United States unit of Lufthansa Group called BizJet, pleaded guilty to United States foreign bribery charges.
A television programme in India has prompted investigations into the healthcare system after it revealed doctors might be taking kickbacks for referring patients for medical tests. Hindi news channel New Nation TV showed laboratories offering commissions as high as 50% to doctors who referred patients to their diagnostic centres.
Companies on Wall Street are systematically undermining the Securities and Exchange Commission (SEC) by silencing whistleblowers. As the SEC seeks to strengthen the Dodd Frank whistleblowing provisions, companies are intentionally doing the opposite.
British companies have poor knowledge of their supply chains and are not set to change their ways despite previous scandals and slavery risks. The Chartered Institute of Purchasing and Supply (CIPS) conducted a survey to which almost three quarters of supply chain professionals admitted to having zero visibility of their supply chain.
Two executives of a New York-based fish company have pleaded guilty to fraud, falsifying records and violation of the Lacey Act. The company has also pleaded guilty to the same charges.
United States and United Kingdom authorities have opened a probe into a Swiss bank amid suspicions that it bribed Gadhafi's government in a variety of ways. Tradition Finance Services of Switzerland is accused of employing relatives of Gadhafi's government, paying for luxury travel expenses and funding days by the poolside and nights partying, all in an attempt to obtain business from the Libyan government.
A television anchor for China's state run China Central Television (CCTV) has been detained as the Government's anti-corruption campaign widens. The host of financial programmes on CCTV Rui Chenggang was arrested prosecutors on Friday evening. CCTV's vice-director for financial news Li Yong was also detained.
The National Anti-corruption Directorate has opened a probe against German company EADS Deutschland GmbH as large amounts of money allegedly were given as bribes in exchange for a contract worth 534 million Euros.
All companies have obligations placed upon them with which they should comply. These obligations can come from a number of directions – whether imposed by governments in the locations in which they operate, regulators for their industry, or obligations that they choose to measure themselves against. When dealing with this multitude of obligations, it is very easy to get lost in the detail of the specific requirements or to shift your focus to whatever the hottest topic is with management or generally in the industry.
When The Red Flag Group is assisting companies to roll out third party compliance programmes, the firm is often asked which resources will be required to oversee and maintain those programmes. The answer to this question is quite complex and depends on the type of company and the way it is structured. It also depends on the type of due diligence each company is conducting and the volume of the installed due diligence base. There are, however, some key commonalities between all companies that build and roll out their programmes, which can provide a rough guide on the number of resources required.
This section analyses the latest high-profile cases and enforcement of new laws and regulations, and guides readers on the steps they should take to protect their organisations from any risks.
Momentum is gathering for Hong Kong’s newly-established Competition Commission with the appointments of new executive staff. One of these new staff, Senior Executive Director Rose Webb, spoke with The Red Flag Group’s senior consultant Mary Shirley about the Competition Commission’s initiatives.
The European Union has imposed asset freezes and travel bans on an additional 11 individuals for participating in the pro-Russian insurgency in eastern Ukraine. This follows similar EU sanctions imposed on 61 people and two companies for participating in the armed rebellion against the Ukrainian Government or Russia’s occupation and annexation of the Crimean Peninsula.
A retired United States navy official has pleaded guilty to conspiracy charges connected to a wider corruption investigation of a Singapore-based defence contractor. Glenn Defense Marine Asia's (GDMA) former manager of operations in Japan, Edmond Aruffo, pleaded guilty to conspiring with others in 2009 and 2010 to submit false invoices that cost the United States Navy US$20 million.
The Securities and Exchange Commission issued a subpoena last week requiring orthopaedic manufacturer Biomet to produce documents relating to “certain alleged improprieties” in the company’s Brazilian and Mexican operations.
China’s ruling Communist Party has expelled former military leader General Xu Caihou, and accused him of handing out promotions in exchange for bribes. The Party’s Central Committee made the announcement earlier this week following a meeting of the politburo, with the case now referred to prosecutors.
Myanmar’s Pyithu Hluttaw, or House of Representatives, has amended the country’s anti-corruption legislation in an attempt to tackle the escalating problem of corruption. Sponsored by Khin Maung Shwe, the lower house Member of Parliament for Tamu constituency, the amendment saw a change in the wording from ‘bribery’ to ‘corruption’.
A jury in London has found two former executives of Innospec Specialty Chemicals guilty of conspiracy to corrupt for giving or agreeing to give bribes to Indonesian public officials for government contracts to supply a chemical the company produces. The convictions bring to an end a six-year investigation by the United Kingdom’s Serious Fraud Office (SFO) into the specialty chemical company formerly known as Octel Corporation and Associated Octel Company.
The police investigation into bribery and corruption at Ashdod Port in Israel has widened with the arrest and detention of 15 port executives, including union chairman Alon Hassan, and affiliated private companies. The arrests follow the recent questioning of former Israel Defence Forces (IDF) chief and former chairman of oil and gas company Shemen Oil & Gas Resources Gabi Ashkenazi.
Deutsche Bank has confirmed it is being investigated for its China-related hiring practices in documents relating to its recent US$9.19 billion rights offering. In doing so, it becomes the latest financial institution to be subject to the probe, by unnamed regulators, into whether the children of government officials were hired in return for favours.
Warlords in the Democratic Republic of Congo (DRC) have lost their grip on most of the country’s mines and lucrative conflict minerals. That was the finding of an investigation by anti-genocide campaign group the Enough Project, which concluded that compliance with a 2010 US law – brought in under the Dodd-Frank Financial Reform Act – was partly responsible.