The Securities and Exchange Commission (SEC) issued the medical device maker a subpoena requiring that the company produce certain documents relating to possible violations of the Foreign Corrupt Practices Act. BioMet said in a Form 8-K that it received a subpoena on July 2, 2014, from the SEC, seeking "certain documents" related to...
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Category: Foreign Fraud
Africa and Central Asia replacing Switzerland as offshore tax evasion havens
Recently Switzerland and Singapore agreed to share tax information about American tax evaders. On May 6, 34 members of the Organization for Economic Cooperation and Development (OECD) and 13 other nations signed an agreement on gathering tax-related information from financial institutions and will exchange it every year.
This means that for those trying to evade...
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PetroTiger CEO Sigelman indicted on foreign bribery charges
Former PetroTiger Ltd. CEO Joseph Sigelman, was indicted on U.S. charges that he bribed an official at Ecopetrol SA (ECOPETL), Colombia's state-controlled oil company, to obtain a $39.6 million contract. PettroTiger is based in the Virgin Islands.
According to court records, Sigelman and others allegedly paid bribes...
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HP pays U.S. $108 million settling probe on bribes in Russia and Poland
Hewlett Packard is paying $108 million to settle a Justice Department investigation into HP's conduct in Russia and Poland in which it is alleged the company paid bribes to government officials to win business there.
This is one of a number of cases being investigated by the DOJ which has placed an emphasis on prosecuting...
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Glaxo fires staff in China over massive corruption and bribe investigations
Pharma company GlaxoSmithKline has fired many of its staff in China over allegations of bribes and other corruption. The company employs around 7,000 people in China. The dismissals followed accusations that GSK funneled nearly $400 million to Chinese doctors and officials to encourage them to use its medicines. The close scrutiny of...
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Marubeni Corp commodity trading corp to pay $88 million over Indonesian bribes
Marubeni, a Chiyoda-Ku, Japan-based commodity-trading company, has agreed to pay over to the Securities and Exchange Commission $88 million as well as pleading guilty to violating the Foreign Corrupt Practices Act, which prohibits paying government officials to win or keep business, the company said.
The agreement is part of the government's investigation...
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F.D.A. re-examining drugs manufactured in India over safety issues
The Food and Drug Administration is now concerned about the safety of drugs manufactured in India and is examining the products flooding the U.S. markets as a result of safety lapses, falsified drug test results and the selling of fake medicines.
India's pharmaceutical companies supplies over 40 percent of the over-the-counter medicines in the U.S....
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McDonald’s faces allegations of tax evasion in France
Tax authorities in France are are reviewing the company books there for possibly shifting its income to companies set up in Switzerland and Luxembourg for tax avoidance. Similar allegations have been brought against Prada and Dolce & Gabbana in Italy. Similar allegations were also made against Apple Inc. in 2012.
McDonald's denies wrongdoing.
Uncle Sam probes Goldman, JP Morgan and others dealings with Libya
The United States Department of Justice is investigating Goldman Sachs Group, Credit suisse Group, JPMorgan Chase, Societe Generale, Blackstone Group and Och-Ziff Capital Management Group to see if they violated anti-bribery laws in their dealings with Libya's government-run investment fund.
The Libyan Investment Authority (LIA) invested over $1 billion in funds runs by all the...
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Diebold to pay $48 million to settle allegations of foreign bribes to Chinese banks and Russian businesses
Diebold, a NYSE traded maker of ATM's and bank security systems will pay $48 million in penalties, disgorgement, and interest for its gifts, entertainment and non-business travel to Chinese banks, considered government instrumentalities.
The moneys, called "trimmings" by the company were considered bribes and in violation of the Foreign Corrupt Practices Act.
In addition, the allegations...
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