London-based Diageo, the maker of popular liquor brands such as Johnnie Walker scotch and Smirnoff vodka, has agreed to pay more than $16 million to settle an administrative action brought by the Securities and Exchange Commission (“SEC”) for violations of the books and records and internal control provisions of the FCPA. Conduct From 2003 to… Continue Reading
Monthly Archives: July 2011
London Insurance Broker Settles FSA Action
Posted in Corporate Finance/M&A, UK Bribery ActLast week, one of London’s oldest insurance brokers, Willis Limited (“Willis”), was fined by the UK Financial Services Authority (“FSA”) for failing to counter the risks of bribery and corruption. The £7 million penalty was handed down to Willis in the FSA’s Final Notice (PDF/80.3KB/24 pages) on 21 July 2011. Conduct From 2005 to 2009,… Continue Reading
Armor Holdings settles DOJ, SEC actions
Posted in Foreign Corrupt Practices ActArmor Holdings, Inc., a military, security, and law enforcement equipment manufacturer, has agreed to pay a total of approximately $16 million to settle FCPA enforcement actions brought by the Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”). Conduct From 2001 to 2006, a subsidiary of Armor Holdings paid a third party (the… Continue Reading
German Banker charged with receipt of bribe payments after sale of Formula One – Bernie Ecclestone’s involvement investigated
Posted in UncategorizedOn Monday, July 18th, Munich prosecutors indicted Gerhard Gribkowsky, former board member of the Bavarian Regional Bank (Bayerische Landesbank, also known as BayernLB), for tax evasion, breach of trust and receipt of corrupt payments. The accusations include failing to pay taxes in Germany trying to conceal payments of bribery money. The defendant has been in… Continue Reading
Tightening Restrictions for US Companies
Posted in Foreign Corrupt Practices Act, UK Bribery ActIt has been interesting to see the reactions around the world to the UK’s new Bribery Act 2010 (“Bribery Act”) which came into force earlier this month. Perhaps unsurprisingly, eyes have been on what the US has made of it given its long history in this area and the application of the Foreign Corrupt Practices… Continue Reading
FCPA-Inspired UK Bribery Act Projected to Hit the Oil and Gas Industry Hardest
Posted in UncategorizedWith the UK Bribery Act 2010 taking effect last Friday, we here at the Anticorruption Blog have decided to share a guest post we did for Forbes on the subject back in May of this year. The link to the article is here. Now that the UK Bribery Act has arrived, companies doing business in… Continue Reading