Global Investigations Review - The law and practice of international investigations


Tuesday, 24 March 2020

SEC ends Infosys investigation

Indian multinational Infosys announced on 24 March that the US Securities and Exchange Commission (SEC) has concluded an investigation into whistleblower complaints about unethical business practices

The company said in a statement on Tuesday 24 March that it expected no further action over the matter and that it cooperated throughout the probe. 

The SEC launched an investigation in October 2019 after a group of employees raised concerns over whether company executives, including CEO Salil Parekh, engaged in dubious accounting practices to bolster profits.

Infosys added in the statement that it had also responded to inquiries by Indian regulators and would continue to cooperate with them. 

German prosecutors probe shipping company owner over alleged links to Russian tax fraud

German federal prosecutors in Koblenz are investigating VG Cargo owner Alexander Udunov over claims he used the German shipping company to launder funds from an $80 million Russian tax fraud, according to Swiss news outlet Tages-Anzeiger

The investigation into Udunov, the brother-in-law of the current Russian prime minister Mikhail Mishustin, has reportedly been ongoing since 2013. 

The Russian businessman became the main shareholder in VG Cargo in 2004, according to his personal website. He has reportedly denied the allegations.

The German prosecutor said in an email to GIR that its criminal money laundering investigation started in 2013 and that it has received legal assistance from Russia, but that local privacy laws prevent the agency from identifying suspects.

A Russian court convicted five individuals in 2015 in connection with the alleged tax fraud.

US court separates former Theranos CEO and president’s trials

US District Court Judge Edward Davila in the Northern District of California has ordered that the trials of the former CEO of US medical technology company Theranos and the company’s ex-president be conducted successively.

The judge ruled on 20 March that there is “good cause” to separate the proceedings but did not elaborate in the decision. 

US prosecutors charged former CEO Elizabeth Holmes and ex-president Ramesh “Sunny” Balwani in 2018 for allegedly commiting a multimillion-dollar scheme to defraud investors and for also allegedly defrauding US doctors and patients in relation to blood-testing machines Theranos manufactured. 

According to the ruling, Balwani’s trial will start once the case against Holmes has concluded.

The defendants have denied wrongdoing.

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