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University top suspected of bribery involvement - US demands Glencore documents to check on corruption - Jim Beam faces SEC hangover after bribery allegations in India - And More
7/5/2018 11:16:00 AM



University top suspected of bribery involvement

On July 5, NHK (Japan Broadcasting Corporation) reported, “On Wednesday, Tokyo prosecutors arrested Futoshi Sano, 58 years old, on suspicion of illicitly having his son enrolled at Tokyo Medical University in return for giving it favorable treatment in May last year. Sano was head of the ministry's Science and Technology Policy Bureau, but was dismissed from the post after the arrest. Sources close to the matter told NHK that Masahiko Usui, the head of Tokyo Medical University's board of directors, asked Sano to help his school become a beneficiary of a subsidy program for private universities.”


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US demands Glencore documents to check on corruption

On July 4, the Associated press reported, “Shares in commodities giant Glencore plunged Tuesday after the company was ordered to hand over documents to the U.S. Department of Justice for a check on its compliance with corruption and money laundering rules. The company, which is based in Baar, Switzerland, said Tuesday the requested documents and records relate to its business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 onwards. It said it is reviewing the subpoena. Shares in the company, which sources and trades raw materials like metals and grains, dropped about 8 percent in London, where they are listed.”


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Jim Beam faces SEC hangover after bribery allegations in India

On July 3, Bloomberg reported, “A push by the distributor of Jim Beam to get more Indians to drink its booze has left the company with a hangover in the U.S. Beam Suntory Inc. has agreed to pick up a roughly $8 million tab for allegedly bribing government officials for years to make inroads in India's highly regulated liquor business, the U.S. Securities and Exchange Commission said in a Monday statement. Between 2006 and 2012, the company made illicit payments through third-party sales promoters and distributors to get licenses and secure prominent placements on store shelves, the SEC said.”


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The Latest: Malaysia gov't confirms arrest of ex-PM Najib

On July 3, the Associated Press reported, “Investigators on a government task force investigating alleged theft and money laundering at the 1MDB state investment fund said [Najib Razak’s] arrest Tuesday was linked to the anti-graft agency's probe into 42 million ringgit ($10.6 million) that was transferred into Najib's bank account from SRC International, a former 1MDB unit, using multiple intermediary companies. It didn't give details of the charges against Najib.”


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Register for the Compliance & Ethics Institute | Oct 21-24 in Las Vegas | Learn More >Register for the Compliance & Ethics Institute | Oct 21-24 in Las Vegas | Learn More >


How Should Antitrust Regulators Check Silicon Valley’s Ambitions?

On July 3, The New York Times reported, “The Justice Department has said that the United States District Court’s ruling in favor of AT&T’s bid to acquire Time Warner will harm consumers. But Judge Richard Leon, who made the decision, has done consumers a favor. His ruling will help legacy media companies stand up to Facebook, Amazon, Apple, Netflix and Google. These tech giants have revolutionized the customer experience and disrupted everything from our viewing choices to our shopping habits and how we pay for goods and services.”


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Eike Batista: Brazilian ex-billionaire jailed for bribery

On July 3, BBC reported, “Eike Batista had an estimated worth of more than $35bn (£27bn) six years ago, but lost most of it as his empire collapsed. He was found guilty of bribing former Rio de Janeiro governor Sergio Cabral. Batista paid more than £16m to foreign bank accounts held by Mr Cabral in exchange for contracts with Rio State. … Now he is the symbol of a different kind of Brazil: one that is deep economic trouble but is trying to tackle years of corporate corruption.”


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PwC must pay FDIC $625.3 million over bank's collapse: U.S. judge

On July 2, Reuters reported, “[U.S. District Judge Barbara Rothstein] said PwC failed to uncover a multi-year fraud between Colonial, its former client, and Ocala, Florida-based Taylor, Bean & Whitaker, once the nation’s 12th largest mortgage lender and a major Colonial customer. The FDIC sued in its role as receiver for Colonial Bank, which once had more than $25 billion of assets and 340 branches. Taylor Bean also failed in August 2009. Its former chairman, Lee Farkas, is serving a 30-year prison term for his 2011 conviction on fraud and conspiracy charges.”


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AbbVie hit with record $448m US FTC antitrust fine

On July 2, in-PharmaTechnologist reported, “AbbVie and partner Besins Healthcare have been ordered to pay $448m in an antitrust case launched by the Federal Trade Commission. The case began in 2014 and revolved around two allegations brought against AbbVie and Besins, though also extending to include Teva, regarding their Androgel testosterone replacement gel. The initial charges were that AbbVie and Besins had filed ‘baseless’ patent infringement lawsuits against Teva and Perrigo Company that were designed to delay the US Food and Drug Administration (FDA)’s decision on their proposed generic competitors to Androgel.”


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Former health care chief executive sentenced to 9.5 years in federal prison

On June 29, the U.S. Department of Justice reported, “INDIANAPOLIS B United States Attorney Josh J. Minkler today announced the sentencing of the former CEO of American Senior Communities (ASC) in a massive fraud, kickback, and money laundering conspiracy. James Burkhart, 53, of Carmel, was sentenced to 114 months imprisonment by U.S. District Court Judge Tanya Walton Pratt. … For his part, Burkhart pleaded guilty to three federal felony offenses: conspiracy to commit fraud, conspiracy to violate the health care anti-kickback statute, and money laundering. All told, he and his co-conspirators funneled nearly $19.4 million in fraud and kickbacks to themselves through a web of shell companies.”


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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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Join us for the Board Audit Committee Compliance Conference | Sept. 24-25 in Scottsdale | Buy one registration for $895, get one for only $595 | Learn More >Join us for the Board Audit Committee Compliance Conference | Sept. 24-25 in Scottsdale | Buy one registration for $895, get one for only $595 | Learn More >


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Articles on the Ethics and Compliance Environment
The Society of Corporate Compliance and Ethics provides this library of articles, insight into current issues, the regulatory environment, and other items of interest to our members.