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Spanish High Court probes 23 years of bribery in arms sales to Saudi Arabia - Another Japanese firm admits falsifying data for quake shock absorbers - New bribery charge against key figure in Atlanta corruption probe - And More
10/25/2018 9:52:00 AM

 

 

Spanish High Court probes 23 years of bribery in arms sales to Saudi Arabia

On Oct. 24, El País (Spain) reported, “Spain’s High Court, the Audiencia Nacional, is investigating 23 years’ worth of arms sales to Saudi Arabia during which executives at a state-owned company allegedly paid millions in bribes to secure contracts. Judge José de la Mata is examining five transactions made from 1992 to 2004 between Riyadh and a company named Defex, as well as 11 other contracts signed between 2005 and 2014, according to Spanish and Swiss legal documents that EL PAÍS has seen.”

 

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Another Japanese firm admits falsifying data for quake shock absorbers

On Oct. 24, Japan Times reported, “A Japanese company supplying equipment to protect buildings from earthquakes has admitted falsifying data, authorities said Tuesday, a week after a Tokyo-based firm revealed a similar fraud. Kawakin Holdings' oil damper unit altered data for products installed at 93 education facilities, government buildings and offices, the land ministry said. … The ministry has instructed the company to immediately change affected parts and to investigate why the data manipulation happened. The company will disclose the names of the buildings once owners agree to do so.”

 

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New bribery charge against key figure in Atlanta corruption probe

On Oct. 24, The Atlanta Journal-Constitution (U.S.) reported, “The federal corruption investigation of Atlanta City Hall has reached across state lines and into Jackson, [Mississippi, U.S.]. Federal prosecutors unsealed a new charge this week against Rev. Mitzi Bickers, the Atlanta preacher who was indicted in April on charges that alleged she helped contractors win millions of dollars in city of Atlanta business.”

 

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EU should set up anti-money laundering body, publish fines: experts

On Oct. 24, Reuters reported, “The European Union should set up a new agency to counter money laundering after a series of high-profile cases at banks bared weaknesses in the system, an influential think-tank said in a report, urging full disclosure of fines imposed on wrongdoers. Over the last months, lenders in Denmark, Estonia, Latvia, Luxembourg, Malta, Spain, the Netherlands, Britain and Cyprus have been embroiled in money laundering scandals, with criminal schemes often executed through foreign branches within the EU.”

 

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Register for the Internal Investigations Workshop to learn the essentials of conducting compliance investigations | January 7-9 in San Diego | Learn More >Register for the Internal Investigations Workshop to learn the essentials of conducting compliance investigations | January 7-9 in San Diego | Learn More >

 

Ex-Adidas executive found guilty in U.S. college basketball bribery scheme

On Oct. 24, Reuters reported, “A former Adidas AG executive was found guilty on Wednesday of taking part in a scheme to bribe high school basketball players to attend Adidas-sponsored universities, defrauding universities and U.S. college basketball’s governing body. James Gatto, former head of global sports marketing for basketball at the athletic wear company, was convicted of wire fraud by a jury in Manhattan federal court, following the first trial to emerge from federal prosecutors’ wide-ranging probe into corruption surrounding the National Collegiate Athletic Association that has ensnared prominent coaches.”

 

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Nordea asserts anti-money laundering efforts

On Oct. 24, Financial Times reported, “Nordea insisted it was in a ‘much more comfortable position’ on tackling money laundering after much regulatory criticism and high-profile allegations against the Nordic region’s biggest bank. The lender has received sharp criticism from Swedish and Danish regulators over lax anti-money laundering controls while this month Bill Browder, a prominent Kremlin critic, asked for criminal investigations to be started in Finland, Sweden, Denmark and Norway after alleging $409m from a Russian fraud flowed through Nordea accounts.”

 

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Siemens, Alstom to face EU antitrust warning about rail merger: source

On Oct. 23, Reuters reported, “Siemens and Alstom will receive a warning this week from European Union antitrust regulators that their plan to create a Franco-German rail champion will hurt competition, a person familiar with the matter said on Tuesday. The European Commission, which opened a full-scale investigation into the deal in July, will send a statement of objections or charge sheet setting out its concerns about specific areas, the person said, though it is possible the timetable for doing so could slip to next week.”

 

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Malabu scandal: Witness tells court OPL 245 deal not in Nigeria’s interest

On Oct. 22, Daily Trust (Nigeria) reported, “A founding director of ‘corruption watch dog’, Global Witness, Simon Taylor told a court in Italy that corruption in Nigeria’s oil sector facilitated human rights abuses. He spoke on Wednesday as prosecution witness at the weekly court hearing of corruption allegations against multinational oil companies; Shell and Eni, at the palace of justice in Milan. … Taylor also told the court in Milan that Global Witness investigations over the last 25 years have shown that, ‘corruption is the glue that binds the exploitation of natural resources to conflict, environmental abuses and human rights abuses.’”

 

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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.