Global Investigations Review - The law and practice of international investigations


Thursday, 17 November 2016

JPMorgan agrees NPA over China hiring practices

JPMorgan Chase is to pay more than US$250 million to the US Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and the Federal Reserve in FCPA settlements relating to its hiring practices.

Under the terms of the settlements, announced on Thursday, the bank will pay US$130 million to the SECUS$72 million to the DOJ and US$61.9 million to the Federal Reserve, to settle allegations that it hired the children of Chinese officials in exchange for business deals.

Mark Mendelsohn at Paul Weiss Rifkind Wharton & Garrison represents JPMorgan Chase in the matter.

Rio Tinto exec to take legal action following termination

Alan Davies is planning to take legal action after mining company Rio Tinto fired him on Thursday over a payment connected to lucrative mining assets in Guinea’s Simandou region.

According to Bloomberg, Davies claims the company didn’t follow due process or respect his employee rights in firing him, and had no grounds for doing so. Rio Tinto also terminated the contract of legal executive Debra Valentine, who was due to step down in May. Valentine could not be reached.

The company is alleged to have known about a potentially questionable payment for over a year before launching an internal inquiry. Bloomberg reports Davies did not see the internal investigation report, and wasn’t given the reasons for his termination.

South Korea’s president to be questioned

The president of South Korea, Park Geun-he, may be questioned by prosecutors next week as part of a wide-ranging investigation into influence peddling that has drawn in the president, her aides, and some of the country’s largest conglomerates.

According to reports, the president’s lawyer, Yoo Yeong-ha, has said he will cooperate with criminal investigators so that Park can be interviewed next week.

India’s financial crime agency files charges linked to Embraer aircraft deal

India’s Enforcement Directorate (ED) has filed a criminal complaint over allegations of an illicit payment of US$5.7 million in a 2008 Embraer aircraft deal, according to local reports.

The agency reportedly registered the case under anti-money laundering laws after the country's Central Bureau of Investigation found that Embraer subsidiaries allegedly made payments to an arms dealer through Singapore-based company Interdev. ED will now begin issuing summons to those accused.

HSBC suspects insider leaked monitor report

HSBC says it believes that a monitor report claiming that the bank has 13 customers linked to terrorist groups in Syria was leaked by an employee, according to the Financial Times.

The report was written by monitor Michael Cherkasky, who was appointed to oversee HSBC’s internal controls as part of the bank’s US$1.92 billion deferred prosecution agreement with the DOJ in 2012.

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