-  Investigations updates from around the world

Wednesday, 16 April 2014

Obama special counsel heads to Latham

Jonathan Su will return to Latham & Watkins' white-collar defence and investigations team, the firm announced today. Su first left the firm to become assistant US attorney for the District of Maryland in 2006, before joining the White House in 2012.

Credit Suisse hit with subpoena in tax investigation

New York's banking regulator sent a subpoena to Credit Suisse to obtain information and documents from the bank's New York office in relation to a tax evasion investigation. New York’s Department of Financial Services asked the bank to send emails, travel records, calendars and payroll data, as well as specific information on certain individuals, according to Bloomberg, citing an unnamed source.

Vietnamese bank founder pleads not guilty to fraud charges

Asia Commercial Bank (ACB) founder Nguyen Duc Kien has pleaded not guilty to charges that he committed fraud and tax evasion crimes that contributed to the bank losing an estimated US$411 million, Bloomberg reported.

SEC appoints deputy chief litigation counsel

The US Securities and Exchange Commission has appointed former trial lawyer David Gottesman as deputy chief litigation counsel in its enforcement division, the agency said in a press release on Tuesday.

Tuesday, 15 April 2014

Former ICAP brokers bailed in London

Three former ICAP brokers were today granted conditional bail as they await trial for their alleged involvement in the Libor scandal. Suspects Darrell Paul Read, 49, Daniel Martin Wilkinson, 47, and Colin John Goodman, 52, who also face charges in the US, made no pleas, instead only confirming personal details such as their addresses.

Citigroup reports further Banamex fraud

Citigroup and Mexico’s National Bank and Securities Commission say they have found further fraudulent loans made by Banamex, Citigroup’s Mexican subsidiary. Reuters reports the loans are under US$30 million.

Regulatory litigation concerns "on the rise"

Norton Rose Fulbright’s 10th annual Litigation Trends Survey has found that regulatory and investigations-related disputes are among the top 3 legal disputes that concern companies. The survey also found that while regulatory matters are on the rise among companies of all sizes and across sectors, this is most apparent in the technology and communications, financial services and health-care sectors.

Monday, 14 April 2014

US moves towards transparent beneficial ownership

A White House legislative proposal will help law enforcers investigate shell companies by requiring the US Internal Revenue Service (IRS) to collect information on the beneficial owner of all US corporate entities, and allowing law enforcement agencies to use the information.

SFO barrister becomes QC

Senior UK Serious Fraud Office (SFO) barrister Stuart Alford took silk today, becoming the agency’s third Queen’s Counsel. Alford heads the SFO’s special projects group, where he oversees the agency’s Libor efforts and Barclays-Qatar investigation.

Mexican employee tried to hide Citigroup fraud evidence

A junior Banamex employee in Mexico allegedly stole documents in connection with a suspected US$400 million loan fraud related to Citigroup, according to Bloomberg. The employee, who has now been sacked, stole forged invoices after Citigroup opened an investigation of the fraud.

Brazil's federal police raid Petrobras offices

Brazil’s federal police have raided state-owned oil company Petrobras’s headquarters in connection with an investigation of money laundering, according to Reuters. The company was asked to provide documents linked to a particular contract.

Friday, 11 April 2014

France investigates Areva for accounting fraud

French newspaper Le Monde reports prosecutors have commenced a preliminary investigation of state-owned nuclear operator Areva over its 2007 acquisition of Canadian uranium mining company UraMin.

Mexican Prosecutors apply for oil company bankruptcy protection

Mexican attorney general Jesús Murillo Karam said they have made a request to a judge to give bankruptcy protection to oil services company Oceanografía. The government took control of the company after Citigroup said Oceanografía was involved in a US$400 million fraud.

US$1.8 billion SAC Capital insider trading settlement cleared

Judge Laura Swain in the Southern District of New York yesterday approved a settlement between hedge fund SAC Capital and the US attorney’s office for the Southern District of New York. The fund, which this week renamed itself Point72 Asset Management, pleaded guilty to insider trading, and paid a US$900 million fine and US$900 civil penalty.

Thursday, 10 April 2014

Bribery cost MAN SE €256 million

Munich-headquartered lorry company MAN SE’s costs following its 2009 foreign bribery conviction in Germany have shot up by €30 million since its last estimate, reports German newspaper Die Welt.

SFO says £18.5 million needed to defend Tchenguiz case

The UK’s Serious Fraud Office (SFO) has spent £8.1 million defending a damages claim brought by Robert and Vincent Tchenguiz, and expects total costs to add up to £18.5 million, the High Court in London heard this week – more than half of the agency’s 2013/14 budget.

FX probe spreads to Singapore

A London-based Deutsche Bank sales director was placed on leave following the discovery of inappropriate communication with the Monetary Authority of Singapore as part of the global investigation into potential foreign exchange manipulation, the Wall Street Journal reports.

Oman oil company chief sets out anti-corruption policy

The managing director of Oman’s national oil company, Petroleum Development Oman (PDO), warned contractors and their executives may be blacklisted if they fail to comply with the company’s anti-bribery and corruption controls.

Wednesday, 09 April 2014

HP agrees US$108 million FCPA settlement

Computer company Hewlett Packard has today announced that it has agreed to pay US$108 million to settle FCPA charges brought by the US Department of Justice and the Securities & Exchange Commission.

NY subpoenas insurers in Iran sanctions investigation

New York's Department of Financial Services (DFS) has reportedly requested information from insurers Chubb Corp, CNA Financial, Liberty Mutual and Navigators Group in the last few weeks. The Wall Street Journal reports a DFS investigation of potential Iran sanctions violations has requested information related to the firms' insurance policies with commodities company Glencore Xstrata.

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