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Fugitive Diamantaire Faces Extradition from UK to India

A UK court recently fixed a remand hearing in the extradition case of Nirav Modi, a fugitive diamond merchant and the prime accused in a USD 2 billion Punjab National Bank (PNB) fraud case. After Vijay Mallya (Indian businessman) and Sanjeev Chawla (alleged cricket bookie), Mr. Modi’s case is the third in a series of … Continue Reading

M&S strengthens its anti-bribery controls in India

British retail giant Marks & Spencer (M&S) is attaching strict anti-bribery clauses to agreements in India as the company moves ahead with its expansion plans in the country. M&S currently operates 25 stores in India through a 51:49 joint venture agreement with Reliance Retail Limited, a subsidiary of Reliance Industries.  The retail giant is also … Continue Reading

Oracle Corporation Agrees to Pay $2 Million to Settle Books and Records and Internal Controls Violations of the FCPA

On August 16, 2012, the Securities and Exchange Commission filed a Complaint against Oracle Corporation for alleged FCPA violations stemming from actions by the software giant’s Indian subsidiary, and Oracle has agreed to pay $2 million to settle the matter. According to the SEC’s Complaint (which can be found here), from 2005 to 2007, certain … Continue Reading

Aviation Corruption

The aviation industry appears to be particularly prone to bribery and corruption which can be a typical characteristic of an industry that is subject to multiple layers of regulation. This is especially true in India where bureaucracy and red tape is widely encountered by the consumer. The Business Standard reports that, on the basis of … Continue Reading

Corruption-Fighting Ethos

Having generated much controversy and triggered furious hunger strikes, The National reports that a revised Lokpal Bill is likely to be introduced into the Indian Parliament in November. Dr Veerappa Moily, the Union Minister for Corporate Affairs, took the opportunity to address the Indian Business Professional Council in Dubai and, whilst conceding that there was a … Continue Reading

Indian Anticorruption Ombudsman

The Lokpal Bill, 2011 (PDF/541KB/40 pages), has today been introduced to the Lok Sabha (House of the People), the lower house of the Parliament of India. Its remit is to develop effective anti-corruption and grievance redressal systems so that an effective deterrent is created against corruption and to provide effective protection to whistleblowers. At its centre is the office … Continue Reading

Drink to This: Diageo Settles FCPA Administrative Enforcement Action

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

Food for Thought

India is no stranger to hunger strikes being used as a form of non-violent resistance. Perhaps the most famous example of this is that of Gandhi during his protest against British rule in India. More recently, as reported by The Telegraph, we see fasting being used by the Indian yoga guru, Swami Ramdev, to object … Continue Reading

Vigilance at its best?

Earlier this month, the BBC reported that an Indian government appointee had resigned due to allegations of corruption.  The cynics among us would not necessarily have batted an eyelid, but what made me take particular notice on this occasion was the fact that the person in question, Shri P J Thomas, was the head of the … Continue Reading
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