Entries in internal controls (22)
Houston-based Key Energy Services, Inc. agreed to disgorge $5 million to settle Foreign Corrupt Practices Act offenses caused by bribes from its Mexican subsidiary to an employee at state-owned Pemex.
The Securities and Exchange Commission said Monday that software maker SAP SE agreed to pay nearly $3.9 million to settle charges that it violated the Foreign Corrupt Practices Act by paying bribes to win business in Panama.
Many of us scratched our head in 2010 when the Oracle FCPA enforcement action came out. We didn't understand how a company could be prosecuted, even civilly by the SEC for internal controls or book and records violations, without evidence that bribes had been paid. But after the past few months, I think Oracle was a precursor to a strict liability standard that's coming to FCPA enforcement.
In the world of anti-corruption internal controls, there is no “one-size-fits-all” model. Ideally, design and implementation of such controls should be thoughtful, rigorous and based on a robust and re-performable corruption risk assessment.
Paris-based Alstom pleaded guilty Monday to bribing officials in Indonesia, Saudi Arabia, Egypt, and the Bahamas. It will pay $772 million in criminal penalties to settle the charges, the DOJ said.
The Securities and Exchange Commission said Monday it sanctioned two former employees in the Dubai office of a U.S.-based defense contractor for violating the Foreign Corrupt Practices Act by taking government officials in Saudi Arabia on a “world tour” to help win business for the company. The two later created phony records to hide their offenses.
California-based life science company Bio-Rad Laboratories agreed Monday to pay a total of $55 million to settle DOJ and SEC allegations that subsidiaries made improper payments to foreign officials in Russia, Vietnam, and Thailand to win business
The Securities and Exchange Commission sanctioned a Scottsdale, Arizona-based software company for having inadequate internal accounting controls over its financial reporting, causing misstated revenues in public filings for four years.
The Securities and Exchange Commission charged Barclays Capital Inc. Tuesday with failing to maintain an adequate internal compliance system to make sure it didn't violate any federal securities laws after its wealth management business in the U.S. acquired the advisory business of Lehman Brothers in September 2008.