-  Investigations updates from around the world

Monday, 19 May 2014

Deutsche Bank: employee communications "falling way short" of expectations

A Deutsche Bank internal video starring investment bank co-head Colin Fan has warned employees that “being boastful, indiscreet and vulgar is not OK” and will lead to “serious consequences”.

Japanese politician finds "unnatural" Tibor movements

Mikishi Daimon, a Communist Party member of Japan’s House of Councillors, last Thursday told Japan’s parliament that there are “unusual movements” in the Tokyo Interbank Offered Rate (Tibor), a financial benchmark similar to Libor.

China investigates PetroChina overseas head

PetroChina overseas operations head Bo Qiliang is being investigated for corruption and has been removed from his post, a company source told Reuters. The state-owned company executive is the latest in a series of probes of alleged corruption in Chinese business, following China Resources chair Song Lin, and Sun Weidong, former oil executave at China National Petroleum Corporation.

Friday, 16 May 2014

British Bankers' Association updates ABC guidance

The British Bankers’ Association (BBA), an industry group, has published new anti-bribery and corruption guidance. The new document gives new guidance on handling third-party relationships, recommending a risk-based approach, and provides examples of effective due diligence.

China oil executive under investigation

China’s anti-corruption authority the Central Commission for Discipline Inspection is investigating former oil executive Sun Weidong at China National Petroleum Corporation in connection with a bribery investigation of the energy sector, according to reports.

Finmeccanica follows Eni in rejecting director ethics clause

Shareholders at Italian state-owned defence company Finmeccanica have thrown out a proposed amendment to the company's bylaws which would have forced directors convicted of financial crimes at first instance to step down.

Balfour Beatty finds no evidence of bribery on UK contract

UK contruction company Balfour Beatty has found no evidence of bribery on a £480 million national grid contract in the West Midlands region, after conducting an internal investigation, according to reports.

Thursday, 15 May 2014

India whistleblower legislation passed

Indian President Pranab Mukherjee on Tuesday approved legislation protecting whistleblowers who expose government misconduct from retaliation. The legislation protects whistleblowers who disclose information in good faith to India's Central Vigilance Commission (CVC), or other bodies appointed by the government.

Petrobras faces another government investigation

Brazil's government has opened an investigation of state-owned oil company Petrobras' purchase of a Texas oil refinery in 2006, amid allegations that the company significantly overpaid for it, according to reports.

Wednesday, 14 May 2014

Russia compels officials to reveal personal assets

Russian prime minister Dmitry Medvedev has ordered the heads of state-owned banks Sberbank and VTB to report their income, assets and expenses in order to comply with anti-corruption laws, the Moscow Times reports.

Cisco discovered red flags in Russia business in 2009

Technology company Cisco Systems discovered potential concerns about its activities in Russia as early as 2009, according to company internal audit reviews seen by Reuters. According to the report, Cisco found either missing or inaccurate information about the business agreements between resellers of its products and Russian state-owned telecoms company Svyazinvest.

Key bribery witness surprises Ecclestone defence counsel

A key witness in the German bribery trial of Formula One owner Bernie Ecclestone surprised a court after he changed his approach and effectively accused the defendant of bribery, according to reports.

BNP Paribas facing US$3.5 billion fine

French bank BNP Paribas could be fined as much as US$3.5 billion for breaking US sanctions in Iran and Sudan, according to reports. Earlier this year, BNP Paribas set aside US$1.1 billion in anticipation of any fines but the situation has since escalated with speculation that the bank could be compelled into making a guilty plea.

RP Martin Libor fine may be less than £1 million

Sky News reports inter-dealer broker RP Martin has agreed a settlement of under £1 million with the UK's Financial Conduct Authority (FCA) for its role in the rigging of Libor. An announcement on the fine is expected tomorrow.

Former Israeli prime minister receives bribery sentence

Ehud Olmert was yesterday sentenced to six years in prison for accepting bribes while he was mayor of Jerusalem. He must also pay a 1 million shekel (US$289,000) fine. Olmert was convicted of bribery and perjury in late March.

Tuesday, 13 May 2014

Jury find Wyly brothers liable in US$550m insider trading case

A jury in the US District Court for the Southern District of New York has found that Texas businessmen Samuel and Charles Wyly ran an offshore scheme netting them US$550 million in profits. The US Securities and Exchange Commission case was brought against Samuel and against Charles’s estate, as he died in a car accident in 2011.

Société Générale appeals EU fine

French bank Société Générale has appealed against the €446 million fine imposed by the European Commission last year for manipulating Euribor benchmark interest rates. The appeal, which was filed in Feburary, was made public on the Official Journal of the European Union website this week.

KPMG Netherlands chair resigns amid tax probe

KPMG Netherlands chair Jurgen van Breukelen has stepped down amid a criminal investigation of a joint venture involving the firm and an unidentified property developer, in which prosecutors have alleged the joint venture may have submitted false invoices to evade tax.

Seafood exporters experiencing suspected corruption problems in Russia

The International Coalition of Fisheries Associations (ICFA) will this week hold a members’ meeting in Belgium in light of growing concerns about corruption among Russia’s import authorities, according to local trade reports.

Monday, 12 May 2014

Grand jury indicts former PetroTiger chief executive

A New Jersey grand jury has indicted Joseph Sigelman, former co-chief executive of oil and gas company Petrotiger, of FCPA and wire fraud conspiracy charges, conspiracy to commit money laundering, and substantive FCPA and money laundering charges.

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