-  Investigations updates from around the world

Tuesday, 13 May 2014

Jury find Wyly brothers liable in US$550m insider trading case

A jury in the US District Court for the Southern District of New York has found that Texas businessmen Samuel and Charles Wyly ran an offshore scheme netting them US$550 million in profits. The US Securities and Exchange Commission case was brought against Samuel and against Charles’s estate, as he died in a car accident in 2011.

Société Générale appeals EU fine

French bank Société Générale has appealed against the €446 million fine imposed by the European Commission last year for manipulating Euribor benchmark interest rates. The appeal, which was filed in Feburary, was made public on the Official Journal of the European Union website this week.

KPMG Netherlands chair resigns amid tax probe

KPMG Netherlands chair Jurgen van Breukelen has stepped down amid a criminal investigation of a joint venture involving the firm and an unidentified property developer, in which prosecutors have alleged the joint venture may have submitted false invoices to evade tax.

Seafood exporters experiencing suspected corruption problems in Russia

The International Coalition of Fisheries Associations (ICFA) will this week hold a members’ meeting in Belgium in light of growing concerns about corruption among Russia’s import authorities, according to local trade reports.

Monday, 12 May 2014

Grand jury indicts former PetroTiger chief executive

A New Jersey grand jury has indicted Joseph Sigelman, former co-chief executive of oil and gas company Petrotiger, of FCPA and wire fraud conspiracy charges, conspiracy to commit money laundering, and substantive FCPA and money laundering charges.

Conflicting reports on status of Deutsche Bank Libor investigation

Deutsche Bank has cleared its top managers of wrongdoing after conducting an internal investigation of alleged Libor manipulation, according to a report in German magazine WirstschaftWoche. The magazine said the bank had reviewed all emails and documents and now knows “exactly what happened”.

SEC to hear appeal on Big 4 Chinese affiliates ban

The US Securities and Exchange Commission will hear an appeal from Chinese affiliates of KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers after an administrative judge gave them a six-month accounting ban on US-traded companies in January, according to reports.

SFO to interview Barclays top brass

Senior Barclays staff, including former chief executives Bob Diamond and John Varley, are to be interviewed under caution by the UK’s Serious Fraud Office, according to the Financial Times.

FCA prosecutions at risk

A decision last week to throw out a complex fraud trial after cuts to government legal aid meant the defendants were unable to find complex fraud barristers willing to defend them may affect UK Financial Conduct Authority (FCA) prosecutions.

GIR in Mexico

This week, Global Investigations Review is in Mexico City, reporting from the International Bar Association and International Chamber of Commerce’s Anti-Corruption Conference. We also have an exhibition stand at the conference – so please come over and say hello.

Friday, 09 May 2014

BSGR sues Guinea after losing mining rights

Beny Steinmetz Group Resources (BSGR) has started arbitration proceedings against Guinea's government and president, Alpha Conde, because of its decision to revoke the company’s mining concessions last month over corruption allegations.

Australian police detains two for insider trading and abuse of public office

The Australian Federal Police (AFP) today arrested two men in relation to insider trading, money laundering, corruption and abuse of public office offences.

Former Thai PM indicted over failed rice programme

A mere day after being ousted on abuse of power charges, Thailand’s former prime minister Yingluck Shinawatra has been indicted by the country’s anti-corruption commission on charges of dereliction of duty in a rice subsidy programme.

AIG settles over alleged sanctions breaches

Insurance firm AIG has paid US$280,000 to the US Office of Foreign Asset Control (OFAC) to settle allegations it violated Cuban sanctions. According to an OFAC release, AIG subsidiaries issued or renewed insurance policies which covered risk in Cuba between 2006 and 2009.

Thursday, 08 May 2014

Key Energy's Russian business probed

Texas-based oilfield services company Key Energy Services is under SEC investigation for potential bribery violations, the company has said.

PTC foreign bribery probe widens

Technology company PTC has expanded an internal investigation of potential FCPA issues in China, and has received further requests for information from the US Department of Justice and US Securities and Exchange Commission (SEC).

Fresenius discloses bribery investigation

German dialysis products company Fresenius Medical Care has disclosed it is investigating potential FCPA violations.

Vietnam arrests four in railway bribery probe

Four railway officials in Vietnam have been arrested as part of an investigation into accusations a Japanese firm used bribes to win a railway contract, after the government vowed to vigorously investigate potential bribery in the bid.

Wednesday, 07 May 2014

UK to review financial regulators

The United Kingdom yesterday announced a review of enforcement decision-making at the Financial Conduct Authority and the Prudential Regulation Authority – both of which were formed just over a year ago.

SEC uncovers compliance shortfalls in private equity

Drew Bowden, head of the US Securities and Exchange Commission (SEC) examination programme, yesterday said the agency has found over half of the private equity firms it supervises charge illegal fees and fail to meet compliance requirements.

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