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Justice Department: Disney Can Buy 21st Century Fox, But With One Caveat - Al-Arafah Bank director sued for money laundering - Petrobras to pay 3 bln USD in reparations to U.S. investors - And More
6/28/2018 10:46:00 AM

 

 

Justice Department: Disney Can Buy 21st Century Fox, But With One Caveat

On June 27, NPR reported, “Disney has moved one step closer to purchasing a big chunk of 21st Century Fox. On Wednesday, the Justice Department announced it had approved the proposed deal, valued at a total $71.3 billion. The DoJ entered into a consent decree with Disney and Fox allowing the deal to proceed, with one caveat: Disney, the owner of ESPN, must sell off 22 regional sports networks that were originally a part of the purchase, to avoid undue dominance in sports broadcasting. Disney's deal includes the 20th Century Fox film and TV studios, along with the FX cable channels, Fox's stakes in Hulu, Sky, National Geographic Partners and more.”

 

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Al-Arafah Bank director sued for money laundering

On June 27, New Age reported, “The Anti-Corruption Commission on Tuesday filed a case against Badiur Rahman, a director of Al-Arafah Islami Bank Ltd, on charges of siphoning of five lakh Singaporean dollars equivalent to over Tk 1.68 crore [equal to USD 199,248] to Singapore. Deputy director of the ACC Jalal Uddin Ahammed filed the case under sections 4(2) and (3) of the Money Laundering Prevention Act, 2012 with Motijheel police station, deputy director Pranab Kumar Bhattacharjee told the news agency. The accused did the misdeed by misusing his power after being a director of the Al-Arafah Islami Bank since 1995 and was chairman of board of directors from 2008 to 2016.”

 

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Petrobras to pay 3 bln USD in reparations to U.S. investors

On June 26, Xinhuanet.com reported, “Brazilian state oil company Petrobras announced Monday that it would pay almost 3 billion U.S. dollars in reparations to U.S. investors who were harmed by the corruption ring within the firm. Brazil's largest company was sued in a class action lawsuit, which was approved on June 22 by a federal court in New York. … Petrobras stated that the agreement does not constitute an admission of guilt or irregularities as authorities have said the company was a victim of the corruption ring.”

 

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Malaysia's 1MDB audits from 2010 to 2012 did not give 'true and fair' assessment, KPMG says

On June 26, Reuters reported, “Auditors KPMG have notified Malaysia’s scandal-hit state fund 1Malaysia Development Berhad (1MDB) [TERRN.UL] that its audits for three years do not provide a ‘true and fair’ assessment of the company, the fund said on Tuesday. 1MDB, which faces money-laundering probes in at least six countries, including the United States, was founded by former prime minister Najib Razak, who suffered a stunning election defeat by Prime Minister Mahathir Mohamad last month. In reopening an investigation into the 1MDB case, Mahathir has vowed to bring back billions of dollars allegedly siphoned out of the fund and punish those responsible.”

 

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Infosys says it has time to file Form 20F, whistleblower claims “baseless”

On June 26, The Economic Times reported, “Infosys said it has sufficient time to file Form 20F to the US Securities and Exchange Commission (USSEC) and would do it within stipulated time. In response to a story carried in ET on Monday, the IT services company informed the Bombay Stock Exchange (BSE) that the claims made by a whistleblower that there could be an ongoing investigation by USSEC is ‘baseless’. … An anonymous whistleblower wrote a letter on Sunday evening to the market regulators raising concerns over Infosys not filing the mandatory Form 20F this year that contains financials and key risks to the company.”

 

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UNC-Chapel Hill Found In Violation Of Title IX In Responses To Sexual Assault, Harrassment

On June 26, North Carolina Public Radio reported, “UNC-Chapel Hill has been found in violation of federal law in the way it responded to complaints of sexual assault and harassment. The finding is the result of a five-year investigation into the university’s policies surrounding Title IX, the federal anti-discrimination law. Andrea Pino, one of four former UNC students to file a federal complaint alongside a former UNC administrator in 2013, said in a statement that the decision from the Department of Education’s Office for Civil Rights ‘validated our allegations.’ … The OCR reviewed at least 387 files having to do with complaints of sexual harassment and violence complaints at UNC between 2011 and 2016.”

 

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Xiaomi acknowledges environmental risks in its supply chain

On June 25, technode reported, “[Chinese electronics company] Xiaomi has acknowledged alleged environmental risks by its suppliers after being accused of violating disclosure requirements relating to environmental pollution in its Hong Kong IPO filing. In early May, the company was called out in a report by environmental groups for withholding knowledge about environmental risks in its supply chain from documents submitted ahead of the company’s initial public offering. It later acknowledged the shortcomings in its filing to the China Securities Regulatory Commission, marking the first such admission by the smartphone manufacturer, according to the environmental groups.”

 

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Supreme Court sides with American Express in antitrust case

On June 25, The Hill reported, “The Supreme Court on Monday sided with American Express, upholding a provision in its contract that prohibits merchants from persuading shoppers to use credit cards with lower swipe fees. In a 5-4 ruling, the court held that the company’s anti-steering provisions do not violate federal antitrust laws. Ohio and ten other states … brought the challenge, arguing the company’s rule violates federal antitrust laws by restricting trade.”

 

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Product features

 

The Complete Compliance and Ethics Manual - 2018

The Complete Compliance and Ethics Manual — 2018

 

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Workplace Investigations: Techniques and Strategies for Investigators and Compliance Officers

Workplace Investigations: Techniques and Strategies for Investigators and Compliance Officers

 

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Please feel free to contact the Corporate Compliance Weekly Newsletter editor, Margaret Martyr.

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