Canada is number one and the U.S. number two on the World Bank's list of firms blacklisted from bidding on it's global projects under its fraud and corruption policy. A lot of the information obtained about the fraud, especially foreign bribes is now coming from highly placed whistleblowers seeking rewards from the newly enhanced...
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Category: Foreign Fraud
Arab media reports suggest Saudi Arabia offered to pay Russia to halt support for syria
There are media reports circulating that Saudi Arabia has offered Russia to purchase $15 billion in arms as well as render oil and gas concessions if Russia will withdraw its support of Syria's present regime. The reports refer to a meeting between Russian President Vladimir Putin and head of Saudi Intelligence Prince Bandar bin...
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HSBC continues to launder money for terrorists groups says whistleblower
British bank HSBC one of the largest banks and money service organizations in the world is continuing to launder significant sums of money for terrorist groups, despite having paid a $1.9 billion penalty in 2012 over money laundering allegations involving Mexican drug dealers. So says a former Anti-Money Laundering Officer Everett Stern who says...
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Did Microsoft bribe probe in China, Pakistan and Russia come from a high level whistleblower?
The Wall Street Journal has reported that lawyers from the U.S. Justice Department and the Securities Exchange Commission are investigating kickback allegations made by a former Microsoft rep in China and also kickback allegations concerning Microsoft resellers in Romania, Italy, Russia and Pakistan.
It is unknown as to how widespread the alleged kickbacks are or...
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More investigations of bribes in China more possible charges : JP Morgan said to hire kids of officials Sanofi and Novartis alleged doc bribes
New and expanding allegations of corporate bribes in China have the Securities and Exchange Commission staff busy investigating possible violations of the Foreign Corrupt Practices Act and other laws and much of the information is coming from insider whistleblowers.
Chinese authorities announced an investigation of French drug manufacturer Sanofi SA over a whistleblower report accusing...
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Bribery commonplace and massive by foreign pharma firms in China
According to a BBC report, bribes are routinely paid by big pharmaceutical companies doing business in China and the new investigation of the GlaxosmithKline for alleged bribery has heightened international attention to the issue.
The BBC interviewed five drug salesman for foreign companies who told the reporters that their firms all paid bribes in order...
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GlaxoSmithKline manager flees China 4 Glaxo execs arrested for alleges bribes including sexual favors
By Jeffrey A. Newman
The British manager of GlaxoSmithKline is reported to have fled China as four senior executives from the British pharmaceutical company are being held by Chinese police on suspicion of having bribed Chinese physicians, government officials, medical industry associations, foundations and hospitals to purchase Glaxo drugs. Reports are also circulating that Glaxo...
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Whistleblower tips: When is a bribe a bribe? Glaxo under investigation for bribes in China
According to the Wall Street Journal, emails and other documents reviewed by the paper's reporters reveal information uncovered by a tipster alleging that Glaxo's China sales staff provided doctors with speaking fees, cash payments, lavish dinners and all expenses paid trips in return for prescribing the drug company's products. Glaxo says it is looking...
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Foreign bribery prosecutions against corporations increasing but most have no anti-bribe training
A survey released by Kroll and Compliance Week shows that 47 percent of global corporations have taken no steps to train third parties and business partners on anti-bribery and corruption efforts despite expectations by 50 percent that their bribery risks will increase in the next year. The United States primary vehicle to regulate bribery...
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World Bank: $3 billion in bribes paid each day spawning year of the whistleblower
According to a new estimate just released by the World Bank, more than $3 billion in bribes are paid every single day and now that the Foreign Corrupt Practices Act has a new whistleblower provision giving jurisdiction to the Securities and Exchange Commission for any companies trading on a U.S. stock exchange, a flood...
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