-  Investigations updates from around the world

Thursday, 20 March 2014

FCA fines insurance firm for anti-bribery controls

Besso Limited must pay £315,000 (€377,000) to the UK’s Financial Conduct Authority (FCA) for failing to establish and maintain effective systems and controls to prevent bribery and corruption.

Wednesday, 19 March 2014

DG Comp comes down hard on car parts cartel

The European Commission has fined five car part manufacturers almost €1 billion for operating a cartel – one of the largest penalties it has ever imposed.

Donziger appeals against Chevron fraud ruling

As expected, US lawyer Steven Donziger today appealed against the ruling that the multi-billion award he secured for indigenous Ecuadoreans was the product of fraud.

Australia launches forex and tax investigations

Australia’s Securities and Investment Commission (ASIC) has confirmed it intends to join the global investigation of potential foreign exchange manipulation – only a day after Australia's Taxation Office (ATO) disclosed it is investigating 86 multinational companies for alleged profit shifting.

Tuesday, 18 March 2014

Citigroup announces AML chief retirement

Citigroup global anti-money laundering head Sagheer Mufti will retire in late May after spending 33 years at the bank, according to an internal memo confirmed by a spokesperson. New York-based Mufti will continue in his role until a successor, who has not yet been found, is announced.

FDIC sues 16 banks over Libor

The US Federal Deposit Insurance Corporation (FDIC) has sued 16 banks for their alleged role in the London Interbank Offered Rate (Libor) scandal. The British Bankers’ Association, a London-based industry group which previously oversaw the Libor rate-setting, is also a defendant.

Monday, 17 March 2014

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.

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.

Friday, 14 March 2014

Bolivia anti-corruption policeman convicted of extortion in US

A US federal jury in the Northern District of Florida has found Bolivian anti-corruption chief, Mario Fabricio Ormachea Aliaga, guilty of extortion after he tried to get US$30,000 out of fellow Bolivian national and businessman Humberto Roca to make charges disappear.

Hong Kong: UBS failed to report Hibor misconduct

Hong Kong’s Monetary Authority (HKMA) today announced it has concluded its investigations into the Hong Kong Interbank Offered Rate, a financial benchmark similar to Libor. The agency said UBS traders internally attempted to rig the benchmark, and that the bank failed to report misconduct to the HKMA once it became aware of the alleged attempts – but said the effect of the rigging was “negligible”.

Hedge fund third to sue over gold fix

Hedge fund AIS Capital Management has followed Kevin Maher and Peter DeNigris by bringing an antitrust class action lawsuit against Barclays, Deutsche Bank, HSBC, Société Générale and Bank of Nova Scotia, alleging the five conspired to manipulate London's gold fix benchmark.

SEC: charges and settlements

The Securities and Exchange Commission (SEC) announced several enforcement actions yesterday: John Babikian, a promoter of a platform of affiliated microcap stock promotion websites, was charged with securities fraud known as “scalping".

Corruption cost Egypt US$28 billion over 2013

Corruption in Egyptian governmental institutions cost the country around 200 billion Egyptian pounds (US$28 billion) over 2013, the head of the country’s Central Auditing Committee, Hisham Geneina, has said.

Thursday, 13 March 2014

Tullow Oil declares force majeure following government investigations

Tullow Guinea, a subsidiary of UK-based Tullow Oil, says the discovery that its business partner Hyperdynamics is being investigated by the US Department of Justice (DoJ) and US Securities and Exchange Commission (SEC) means it can no longer fulfil its contractual obligations.

Corrupt officials to be defamed in Saudi Arabia

Saudi Arabia’s latest effort in combating corruption is to promote defamation as a potential punishment. According to local daily Arab News, Saudi Arabia’s formal advisory body, the Shoura Council, is urging the National Anti-Corruption Commission to adapt its regulations to allow corrupt officials to be publicly named and shamed by publishing their photos and personal details.

Wednesday, 12 March 2014

Cyprus appoints new central bank governor

Cyprus has appointed a new central bank governor after the previous head resigned amid continuing tensions between the bank and the government.

SEC charges AgFeed with accounting fraud

Headline doesn't make any sense. Who are they charging?

Credit Suisse banker pleads guilty in US court

A former Credit Suisse banker has pleaded guilty to charges that he helped US citizens avoid paying tax to the Internal Revenue Service (IRS), the US Department of Justice has said. Andreas Bachmann, from Switzerland, is one of six former Credit Suisse bankers who have been accused of helping US citizens hide US$4 billion in assets from tax authorities.

Turkey investigates Chanel tax evasion allegations

French fashion brand Chanel has been accused by Turkish prosecutors of tax evasion, according to Hurriyet Daily News. Chanel allegedly avoided paying customs tax by smuggling products into Turkey in suitcases carried by employees.

Second gold fix class action filed

Barclays, Deutsche Bank, HSBC, Société Générale and Bank of Nova Scotia face a second Southern District of New York (SDNY) lawsuit alleging they conspired to manipulate the London gold fix, plaintiff-focused litigation firm Kirby McInerney announced yesterday.

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