-  Investigations updates from around the world

Monday, 12 May 2014

Conflicting reports on status of Deutsche Bank Libor investigation

Deutsche Bank has cleared its top managers of wrongdoing after conducting an internal investigation of alleged Libor manipulation, according to a report in German magazine WirstschaftWoche. The magazine said the bank had reviewed all emails and documents and now knows “exactly what happened”.

SEC to hear appeal on Big 4 Chinese affiliates ban

The US Securities and Exchange Commission will hear an appeal from Chinese affiliates of KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers after an administrative judge gave them a six-month accounting ban on US-traded companies in January, according to reports.

SFO to interview Barclays top brass

Senior Barclays staff, including former chief executives Bob Diamond and John Varley, are to be interviewed under caution by the UK’s Serious Fraud Office, according to the Financial Times.

FCA prosecutions at risk

A decision last week to throw out a complex fraud trial after cuts to government legal aid meant the defendants were unable to find complex fraud barristers willing to defend them may affect UK Financial Conduct Authority (FCA) prosecutions.

GIR in Mexico

This week, Global Investigations Review is in Mexico City, reporting from the International Bar Association and International Chamber of Commerce’s Anti-Corruption Conference. We also have an exhibition stand at the conference – so please come over and say hello.

Friday, 09 May 2014

BSGR sues Guinea after losing mining rights

Beny Steinmetz Group Resources (BSGR) has started arbitration proceedings against Guinea's government and president, Alpha Conde, because of its decision to revoke the company’s mining concessions last month over corruption allegations.

Australian police detains two for insider trading and abuse of public office

The Australian Federal Police (AFP) today arrested two men in relation to insider trading, money laundering, corruption and abuse of public office offences.

Former Thai PM indicted over failed rice programme

A mere day after being ousted on abuse of power charges, Thailand’s former prime minister Yingluck Shinawatra has been indicted by the country’s anti-corruption commission on charges of dereliction of duty in a rice subsidy programme.

AIG settles over alleged sanctions breaches

Insurance firm AIG has paid US$280,000 to the US Office of Foreign Asset Control (OFAC) to settle allegations it violated Cuban sanctions. According to an OFAC release, AIG subsidiaries issued or renewed insurance policies which covered risk in Cuba between 2006 and 2009.

Thursday, 08 May 2014

Key Energy's Russian business probed

Texas-based oilfield services company Key Energy Services is under SEC investigation for potential bribery violations, the company has said.

PTC foreign bribery probe widens

Technology company PTC has expanded an internal investigation of potential FCPA issues in China, and has received further requests for information from the US Department of Justice and US Securities and Exchange Commission (SEC).

Fresenius discloses bribery investigation

German dialysis products company Fresenius Medical Care has disclosed it is investigating potential FCPA violations.

Vietnam arrests four in railway bribery probe

Four railway officials in Vietnam have been arrested as part of an investigation into accusations a Japanese firm used bribes to win a railway contract, after the government vowed to vigorously investigate potential bribery in the bid.

Wednesday, 07 May 2014

UK to review financial regulators

The United Kingdom yesterday announced a review of enforcement decision-making at the Financial Conduct Authority and the Prudential Regulation Authority – both of which were formed just over a year ago.

SEC uncovers compliance shortfalls in private equity

Drew Bowden, head of the US Securities and Exchange Commission (SEC) examination programme, yesterday said the agency has found over half of the private equity firms it supervises charge illegal fees and fail to meet compliance requirements.

Deutsche Bank fires Mexico forex trader

Deutsche Bank has fired Mexico-based trader Marlene Galvan in connection with the continuing forex investigation, Reuters reported yesterday. Galvan was a vice president and a currency and derivatives trader at the bank’s Mexico City offices.

Tuesday, 06 May 2014

Switzerland joins OECD tax information exchange

Switzerland today signed up to the Organisation for Economic Cooperation and Development (OECD)’s automatic information exchange network. The network allows OECD member states to automatically exchange information about bank accounts to crack down on tax evasion.

Johnson Controls self-reports alleged FCPA violations

Temperature control manufacturer Johnson Controls has disclosed potential FCPA violations in China to the US Department of Justice and US Securities and Exchange Commission (SEC). In an SEC filing released on Friday, the company said allegations were limited to the company’s Chinese marine business.

Holder: no such thing as "too big to jail"

US attorney general Eric Holder says the theory that some financial institutions are too economically important to criminally prosecute is “mistaken”. In a video statement released yesterday, Holder said the size of companies will never shield them from prosecution and criminal penalties or lead to them being above the law.

Credit Suisse facing US$1.6 billion tax fine

Credit Suisse is negotiating an end to a US Department of Justice (DoJ) investigation into whether the Swiss bank has helped US citizens evade tax, Reuters reported yesterday. Observers familiar with the negotiations said the agency wants Credit Suisse to plead guilty.

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