Global Investigations Review - The law and practice of international investigations


Thursday, 30 April 2020

Brazil’s MPF publishes leniency agreement database

Brazil’s Federal Prosecution Service (MPF) published on 28 April a database of all 167 leniency agreements that it has entered into with companies since 2014. 

The MPF said in a press release that it did so to increase transparency and accountability. 

Coronavirus may delay UBS's French tax evasion appeal until 2021

Swiss bank UBS’s appeal against a €4.5 billion penalty in France for tax evasion may not be heard until 2021, the bank’s chairman has reportedly said.

“Because of the coronavirus crisis, it is not clear when the case will be heard. The courts in France are currently closed,” Chairman Axel Weber reportedly said during a virtual AGM on 29 April. “So it could well be that we cannot expect to receive the judgment until next year.”

A French court ordered UBS to pay €4.5 billion in February 2019 over allegations it facilitated tax evasion. Five former UBS executives were also found guilty of facilitating tax evasion and were ordered to pay a total of €950,000 for their roles in the scheme.

NMC Health founder reports fraud by small group of executives

B R Shetty said in a 29 April statement published by the Khaleej Times that internal investigations into his companies found evidence of fraud and serious wrongdoing by a “small group of current and former executives”. 

Shetty owns UAE healthcare company NMC Health and financial services company Finablr, which have both faced allegations of financial mismanagement recently. 

Shetty denied wrongdoing in the statement. He has reportedly hired Herbert Smith Freehills and Control Risks.

The UK Financial Conduct Authority is investigating accounting discrepancies at NMC Health after allegations of financial mismanagement were raised by short sellers Muddy Water Capital.

Abu Dhabi Commercial Bank filed a criminal complaint against several NMC executives in April, reportedly including Shetty and former CEO Prasnath Manghat.

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