Global Investigations Review - The law and practice of international investigations

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Monday, 17 March 2014

Hyperdynamics faces securities lawsuit

Investors in oil and gas company Hyperdynamics have accused the company and its most senior directors of providing false and misleading information about the company’s FCPA investigation, according to court documents. Last November, Hyperdynamics said in a US Securities & Exchange filing that it was being investigated for possible FCPA and money laundering violations in connection with its business activity in Guinea, West Africa. Dennis Gerami, acting as the plaintiff on behalf of investors, said the company’s chief executive and two chief financial officers had known that the company had broken FCPA rules without informing investors.

US authorities investigate TeliaSonera

The US Department of Justice (DoJ) and the US Securities & Exchange Commission have opened investigations of Swedish telecoms company TeliaSonera in connection with bribery allegations. In a statement today, TeliaSonera said both US authorities had sent requests for information concerning its activities in Uzbekistan.

Last week, in a related case the DoJ launched an investigation of rival telecoms company Vimpelcom. There are concerns about Vimpelcom and TeliaSonera’s dealings with a company called Takilant, which according to reports has acted as a front for the Uzbek president’s eldest daughter, Gulnara Karimova. Authorities are investigating whether certain telecoms companies may have paid bribes to foreign officials through Takilant.

The US opened their investigation after Swiss authorities sent mutual legal assistance treaty requests to 10 countries in connection with its investigation of Karimova. Dutch and Swedish prosecutors are also looking into the matter while Norwegian authorities are assisting with the investigations.

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