FCPA
This archive displays posts tagged as relevant to the Foreign Corrupt Practices Act or FCPA. You may also be interested in the following pages:
3M to Pay $6.5 Million for Foreign Bribery Charges
Posted 08/29/23
August 25, 2023
3M Company has agreed to pay more than $6.5 million to resolve charges that a wholly-owned subsidiary in China provided bribes to Chinese government officials in violation of the Foreign Corrupt Practices Act (FCPA). The bribes to officials at state-owned healthcare facilities came in the form of guided overseas travel—ostensibly to conferences, educational events, and healthcare facility visits, but in reality to sightseeing, shopping, and other leisure activities. The subsidiary ultimately paid almost $1 million to fund at least 24 such trips from about 2014 to 2017. SECAugust 10, 2023
Colombian financial services institution Corporación Financiera Colombiana S.A. (Corficolombiana) has agreed to pay over $80 million to resolve foreign bribery investigations by criminal, civil, and administrative authorities in the United States and Colombia. Between 2012 and 2015, Corficolombiana allegedly conspired with Brazilian-based construction conglomerate Odebrecht S.A. (Odebrecht) to offer and pay more than $20 million in bribes to Colombian government officials in order to win rights to construct and operate a 328-mile toll road. As a result, Corficolombiana earned more than $28 million in profits. Now, in addition to the financial penalties that it will pay—which will be divided between DOJ and SEC—the company will be subject to a three-year deferred prosecution agreement with DOJ. DOJ; SECMay 11, 2023
Dutch medical supplier Koninklijke Philips N.V. has agreed to pay $62 million to settle charges that it violated the Foreign Corrupt Practices Act while selling medical equipment to hospitals in China. A SEC investigation found that Philips’ Chinese subsidiaries gave distributors special pricing discounts that invited excessive funds to be used for improper payments, made such payments to curry favor toward their products, and manipulated the fair bidding process to fake compliance with Chinese laws. The SEC had previously charged Philips for similar conduct in Poland between 1999 and 2007. SECMarch 9, 2023
A former Malaysia-based Goldman Sachs investment banker has been sentenced to 10 years in prison for being involved in a massive bribery and money-laundering scheme involving Malaysia’s state-owned 1Malaysia Development Berhad (1MDB). In order to obtain and retain lucrative business for Goldman Sachs, Roger Ng and co-conspirators at Goldman Sachs misappropriated billions of dollars from 1MDB, which they used to pay bribes to 12 government officials in Malaysia and the United Arab Emirates. Proceeds from the scheme were then laundered through the U.S. financial system. DOJMarch 2, 2023
Telefonaktiebolaget LM Ericsson (“Ericsson”) has agreed to pay $206 million for breaching a 2019 Deferred Prosecution Agreement that was signed to settle allegations that the Swedish telecommunications company used third-party agents to bribe government officials in China, Djibouti, Indonesia, Kuwait, and Vietnam, in violation of the Foreign Corrupt Practices Act (FCPA). Under the terms of the 2019 DPA, Ericsson agreed to pay a $520 million criminal penalty and comply with certain conditions. However, Ericsson was found to have failed to disclose additional information relating to its conduct in China and Djibouti, as well as promptly report conduct in Iraq that may constitute another violation of the FCPA. USAO SDNYTop Ten FCPA Recoveries of 2022
Posted 01/13/23
December 19, 2022
Posted 12/19/22
Honeywell International Inc. and related entities will pay the U.S. government a total of more than $160 million before offsets – $81 million to resolve SEC claims, and $79 million as a criminal penalty – to settle charges arising out of bribery schemes that took place in Brazil and Algeria. Honeywell entered into a deferred prosecution agreement admitting that a subsidiary offered approximately $4 million as a...