-  Investigations updates from around the world

Friday, 07 March 2014

BP investigated for potential oil price manipulation

BP said in its 2013 annual report that Japan’s Fair Trade Commission and Korea’s Fair Trade Commission are both investigating the company for potential manipulation of oil prices. This comes as antitrust watchdogs in both Europe and the US are investigating potential wrongdoing on the oil market.

Thursday, 06 March 2014

ABA White Collar Crime: Central California US Attorney’s Office cracking down on securities fraud

David Vascott in Miami. Douglas Fuchs at Gibson Dunn & Crutcher in Los Angeles says the city’s US Attorney’s Office is following the Southern District of New York by increasing the use

Rolls Royce explains DoJ inquiry

Rolls Royce has clarified its disclosure of an inquiry by the US Department of Justice (DoJ). The car and engine manufacturer mentioned the DoJ investigation in its annual report, released on 5 March, but has since said it has not been informed of a formal investigation by the US enforcers.

Wednesday, 05 March 2014

Chevron pay-out obtained through "corrupt means"

The latest development in the long-running dispute between Ecuador and US oil company Chevron over environmental damage to the Ecuadorean Lago Agrio region by Texaco (later bought by Chevron) has seen a US judge rule that the lawyers representing Amazonian villagers secured a multibillion pay-out through “corrupt means”.

Brazil insurance firm rejects fraud allegations

Chubb do Brasil has denied allegations from São Paulo's federal prosecutor's office that its management ran a fraudulent insurance policy, BNAmericas reports. Chubb do Brasil's president, three more directors and two employees were accused of taking part in the fraud.

Tuesday, 04 March 2014

Citigroup discloses two money laundering investigations

According to an SEC filing, Citigroup is facing a subpoena from the Federal Deposit Insurance Corporation and a grand jury subpoena from the US Attorney’s Office for the District of Massachusetts, which has also subpoenaed Mexican subsidiary Banamex and other unnamed related parties.

US hands down longest-ever antitrust sentence

A court in New Jersey yesterday sentenced a former project manager to 14 years in prison for bid-rigging and fraud conspiracies – the longest sentence ever doled out for an antitrust crime.

Kuwait fines bank chair for insider trading

Kuwait’s Court of First Instance has fined Al Ahli Bank chair Ahmed Yousef Behbehani 1.5 million dinars (US$5.3 million) for alleged insider trading, according to a statement by the bank to Kuwait’s stock exchange.

Monday, 03 March 2014

HSBC appoints new North America AML head

HSBC appointed Daniel Wager, a former Department of Homeland Security agent, as head of the bank’s North American anti-money laundering operation in November. He started work last week.

Nigeria to investigate US$20 billion worth of missing oil money

The chairman of the Economic and Financial Crimes Commission (EFCC) in Nigeria told the country’s government last Thursday that it will launch a criminal investigation into US$20 billion in missing oil revenue, according to a local news report.

Switzerland probes Yanukovych money-laundering allegations

The Swiss prosecutor’s office in Geneva announced on Friday it has opened a criminal investigation into alleged aggravated money laundering by ousted Ukrainian president Viktor Yanukovych and his son Oleksandr.

India to investigate alleged bribery in Rolls-Royce jet engine deal

India’s defence ministry has reportedly ordered India’s Central Bureau of Investigations (CBI) to investigate Rolls-Royce for allegedly paying kickbacks to enter into defence contracts.

Friday, 28 February 2014

Vapores agrees US$8.9 million fine with DoJ

Chilean shipping group Vapores has agreed to plead guilty and pay an $8.9 million criminal fine for allegedly violating antitrust laws when shipping cars and trucks to and from the United States, the DoJ announced in a statement yesterday.

Oman jails state oil company CEO

The CEO of government-owned Oman Oil Company (OOC) has been sentenced to 23 years in jail for bribery, money laundering and abuse of office. A Muscat court determined that a Caribbean-registered company owned by OOC chief executive Ahmad al-Wahaibi received US$8 million from his counterpart at South Korean company LGI, Myung Jao Yoo, after LGI won a bid for a billion rial petrochemical project.

Invesco discloses FCA investigation

The UK’s Financial Conduct Authority is investigating US based investment manager Invesco's compliance systems and controls, the company said in an a US Securities and Exchange Commission filing.

GSK bonuses cut by China bribery investigation

GlaxoSmithKline has cut the bonus of its chief executive Andrew Witty following China’s bribery investigation of the pharmaceutical company. In its 2013 annual report, the company said: “The ongoing investigation by authorities in China was also considered by the committee.

Russian anti-corruption agents investigated for corruption

The deputy head of the corruption agency within Russia’s interior ministry has been arrested in connection with a bribery investigation, according to Russian news agency RIA Novosti. Boris Kolesnikov, who worked for the division in charge of fighting corruption and economic crimes, was detained for questioning after four of his colleagues were arrested last week, according to local news reports.

Thursday, 27 February 2014

Clients trying to block Credit Suisse from passing information to US authorities

Credit Suisse chief executive Brady Dougan said the bank is fighting clients’ lawsuits aimed at blocking potential evidence reaching US authorities. Credit Suisse has been accused of helping US citizens hide billions of dollars from tax authorities and is cooperating with related investigations.

Prosecutor Mythili Raman to leave DoJ

Mythili Raman, a lead prosecutor in the US Department of Justice’s criminal division, will leave the authority in March, it was announced yesterday. As acting assistant attorney general at the authority since last year, Raman presided over key Libor and FCPA cases.

Wednesday, 26 February 2014

GIR at the OECD's Global Forum on Competition

Global Investigations Review will be in Paris tomorrow, reporting from the OECD’s Global Forum on Competition. Delegates from governments and other organisations across the world will be discussing “fighting corruption and promoting competition”.

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