Global Investigations Review - The law and practice of international investigations

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As EU foam probe wraps up, US investigation carries on

February 03, 2014, GIR

While the European Commission has put the final touches on settlements with four polyurethane foam makers accused of operating a cartel in the market, a parallel investigation in the US – one that began months before raids were carried out in Europe – remains on the plate of antitrust officials in New York.

Alleged cement cartel facing unprecedented CADE fines and asset sales

January 30, 2014, GIR

Members of Brazil’s Administrative Council for Economic Defence (CADE) have proposed unprecedented fines and structural remedies to punish members of an alleged long-standing cartel among cement suppliers, in a move observers say will pave the way for lengthy court battles.

Antitrust whistleblowers should balance speed and thoroughness, observers say

January 30, 2014, GIR

Antitrust lawyers tasked with defending companies caught in criminal investigations say there is a tricky balance to be struck between rushing to win leniency from the Department of Justice, and hanging back to ensure counsel understands the supposed criminal activity before self-reporting.

General Court tweaks SKW calcium carbide fines

January 24, 2014, GIR

The EU General Court has upheld the fine imposed on SKW Stahl-Metallurige (SKW) for its role in the calcium carbide cartel, but slightly reduced the penalties on its former parent companies Gigaset (previously Arques) and Evonik Degussa after finding flaws in the commission’s fine calculation.

Big Four China affiliates blocked from US audits

January 24, 2014, GIR

A US Securities and Exchange Commission (SEC) administrative judge has ruled the Chinese affiliates of KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers (PwC) failed to comply with SEC document orders.

Standard Bank fined over money laundering controls

January 24, 2014, GIR

The UK’s Financial Conduct Authority (FCA) has fined Standard Bank £7.6 million (€9.2 million) for its politically exposed persons (PEP) policies.

Foxconn bribery scandal could spark internal investigations

January 23, 2014, GIR

Former Foxconn senior executives have been interviewed by the Taiwan High Prosecutors Office in connection with allegations of bribery, the company said in a statement to the London Stock Exchange yesterday.

New York appoints new financial crimes bureau chief

January 18, 2014, GIR

Prosecutor Gary Fishman will become the head of New York’s new Criminal Enforcement and Financial Crimes Bureau, the state’s attorney general Eric Schneiderman said yesterday.

SEC budget request turned down

January 17, 2014, GIR

The US Securities and Exchange Commission (SEC) will not receive the 26 per cent budget increase it had requested, while the Commodities and Futures Trading Commission (CFTC) has seen its budget increased by only US$10 million for the next fiscal year.

Germany to try Ecclestone on bribery charges

January 16, 2014, GIR

Formula One boss Bernie Ecclestone will face “particularly serious” corruption charges in Munich, according to the city’s Public Prosecutor’s Office.