Doug Cornelius on compliance for private equity real estate
I’m a big fan of the Winter Olympics. I’ve been spending many hours watching coverage of curling, snowboarding, cross-county skiing and the biathalon, so far. A story about compliance at the Olympics caught my attention. Samsung, the big South Korean company, made a limited edition of its Galaxy Note 8 for the PyeongChang 2018 Olympic…
The United Steelworkers sent a request to investigate to the U.S. Justice Department. The union believes Freeport-McMoRan has violated the Foreign Corrupt Practices Act by engaging the bribery of security forces in Indonesia. The Jakarta Post said national police chief Gen. Timur Pradopo admitted his personnel had received ‘meal money’ to guard the company’s gold…
The Department of Justice released the latest Opinion Procedure Release on the Foreign Corrupt Practices Act. The releases are great tool to help you figure out if a proposed corporate action could lead to an enforcement action. Anyone with an interest in the FCPA looks to the existing body of opinion releases as a way…
The FCPA seems to be most closely associated with shady oil operations, mining, defense contractors and infrastructure transactions. The image is a big company coming in and bribing an official for access to the country’s resources. The other side to that investment is that the countries build up big supplies of capital. Many deploy some…
The U.S. is investigating Allianz SE, for possible bribery by a German printing press company in which it holds a majority stake according to a story by Joe Palazzolo in WSJ.com’s Corruption Currents. The Foreign Corrupt Practices Act bars US companies from paying bribes to foreign officials to keep or obtain business. The SEC claims…
China is hotbed for violations of the Foreign Corrupt Practices Act. The real estate industry is not immune from the dangers. In February of 2009 Morgan Stanley’s real estate group reported an employee based in China in an overseas real estate subsidiary that appeared to have violated the Foreign Corrupt Practices Act. My company has…
“Corruption Currents, the Wall Street Journal’s corruption blog, will dig into the ever-present and ever-changing world of corporate corruption. It will be a source of news, analysis and commentary for those who earn a living by finding corruption or by avoiding it.” Apparently corruption has become such a big topic that the Wall Street Journal…
The Department of Justice released its latest FCPA Opinion Release. The requesting company for this opinion release is stepping into a situation full of FCPA red flags. In the end, the DOJ opined that it would not bring an enforcement action based on the safeguards put in place by the company. The company is involved…
The recent FCPA enforcement actions brought against Veraz Networks, Inc. shows that it does not take huge piles of money to get in trouble. Veraz admitted to making improper payments of only $40,000. Not that $40,000 is an insignificant amount. It just pales in comparison to the huge dollars we have seen on other FCPA…
The Department of Justice released its latest Opinion Procedure Release under the Foreign Corrupt Practices Act. It’s one of the quirks of the FCPA that you can ask the Department of Justice whether a particular situation would be a violation of the FCPA. This opinion is also quirky. The company requesting the opinion was in…