-  Investigations updates from around the world

Wednesday, 21 May 2014

Forex allegations hit Commerzbank

Germany’s Commerzbank has reportedly fired one trader and suspended another after it allegedly caught the employees attempting to manipulate the euro and the Polish zloty, according to Reuters.

FCA fraud trial continues despite legal aid dispute

The UK Financial Conduct Authority has successfully appealed against a decision that halted a fraud trial it was pursuing.

Tuesday, 20 May 2014

Voice analytics software that detects fraud and market abuse

A Spanish company has developed voice analytics to help prevent fraud in the financial sector, according to reports. Fonetic has created software that monitors telephone conversations between traders and can detect potential evidence of fraud and market abuse.

BaFin: evidence of forex rigging found

German financial markets regulator BaFin says it has found evidence that traders have tried to manipulate multiple smaller currencies, the head of banking supervision, Raimund Röseler, said today.

Oman corruption crackdown continues

Oman has convicted three individuals on corruption charges.

Monday, 19 May 2014

Deutsche Bank: employee communications "falling way short" of expectations

A Deutsche Bank internal video starring investment bank co-head Colin Fan has warned employees that “being boastful, indiscreet and vulgar is not OK” and will lead to “serious consequences”.

Japanese politician finds "unnatural" Tibor movements

Mikishi Daimon, a Communist Party member of Japan’s House of Councillors, last Thursday told Japan’s parliament that there are “unusual movements” in the Tokyo Interbank Offered Rate (Tibor), a financial benchmark similar to Libor.

China investigates PetroChina overseas head

PetroChina overseas operations head Bo Qiliang is being investigated for corruption and has been removed from his post, a company source told Reuters. The state-owned company executive is the latest in a series of probes of alleged corruption in Chinese business, following China Resources chair Song Lin, and Sun Weidong, former oil executave at China National Petroleum Corporation.

Friday, 16 May 2014

British Bankers' Association updates ABC guidance

The British Bankers’ Association (BBA), an industry group, has published new anti-bribery and corruption guidance. The new document gives new guidance on handling third-party relationships, recommending a risk-based approach, and provides examples of effective due diligence.

China oil executive under investigation

China’s anti-corruption authority the Central Commission for Discipline Inspection is investigating former oil executive Sun Weidong at China National Petroleum Corporation in connection with a bribery investigation of the energy sector, according to reports.

Finmeccanica follows Eni in rejecting director ethics clause

Shareholders at Italian state-owned defence company Finmeccanica have thrown out a proposed amendment to the company's bylaws which would have forced directors convicted of financial crimes at first instance to step down.

Balfour Beatty finds no evidence of bribery on UK contract

UK contruction company Balfour Beatty has found no evidence of bribery on a £480 million national grid contract in the West Midlands region, after conducting an internal investigation, according to reports.

Thursday, 15 May 2014

India whistleblower legislation passed

Indian President Pranab Mukherjee on Tuesday approved legislation protecting whistleblowers who expose government misconduct from retaliation. The legislation protects whistleblowers who disclose information in good faith to India's Central Vigilance Commission (CVC), or other bodies appointed by the government.

Petrobras faces another government investigation

Brazil's government has opened an investigation of state-owned oil company Petrobras' purchase of a Texas oil refinery in 2006, amid allegations that the company significantly overpaid for it, according to reports.

Wednesday, 14 May 2014

Russia compels officials to reveal personal assets

Russian prime minister Dmitry Medvedev has ordered the heads of state-owned banks Sberbank and VTB to report their income, assets and expenses in order to comply with anti-corruption laws, the Moscow Times reports.

Cisco discovered red flags in Russia business in 2009

Technology company Cisco Systems discovered potential concerns about its activities in Russia as early as 2009, according to company internal audit reviews seen by Reuters. According to the report, Cisco found either missing or inaccurate information about the business agreements between resellers of its products and Russian state-owned telecoms company Svyazinvest.

Key bribery witness surprises Ecclestone defence counsel

A key witness in the German bribery trial of Formula One owner Bernie Ecclestone surprised a court after he changed his approach and effectively accused the defendant of bribery, according to reports.

BNP Paribas facing US$3.5 billion fine

French bank BNP Paribas could be fined as much as US$3.5 billion for breaking US sanctions in Iran and Sudan, according to reports. Earlier this year, BNP Paribas set aside US$1.1 billion in anticipation of any fines but the situation has since escalated with speculation that the bank could be compelled into making a guilty plea.

RP Martin Libor fine may be less than £1 million

Sky News reports inter-dealer broker RP Martin has agreed a settlement of under £1 million with the UK's Financial Conduct Authority (FCA) for its role in the rigging of Libor. An announcement on the fine is expected tomorrow.

Former Israeli prime minister receives bribery sentence

Ehud Olmert was yesterday sentenced to six years in prison for accepting bribes while he was mayor of Jerusalem. He must also pay a 1 million shekel (US$289,000) fine. Olmert was convicted of bribery and perjury in late March.

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