Averting their eyes from Africa: Goodyear's $16m Kenya/Angola settlement highlights risk of insufficient due diligence Andreas Stargard. "Foreign acquirers must understand and -- likely -- challenge the status quo of their new African subsidiaries" When acquiring an African company, nothing is "business as usual." Neither pre- nor post-acquisition can foreign parent corporations simply avert their … Continue reading Halliburton to Goodyear: FCPA risks and due diligence in foreign acquisitions
Legislative Anti-Corruption Reference: South Africa
As reference for AAF's readership, below is a summary of the anti-corruption / anti-bribery / anti-fraud laws enacted in (or, in the case of international treaties, ratified by) the Republic of South Africa: - The Public Service Act, 1994 (Proclamation No. 103 of 1994) - The Public Protector Act, 1994 (Act No. 23 of 1994) … Continue reading Legislative Anti-Corruption Reference: South Africa
Perceived Corruption Hampers Asian Investment in Kenya
Chinese Investors See East African Corruption As Hurdle to further Investments Welcome to 2015, AAF readers. Our editors and staff are looking forward to a great New Year of providing you with news and insights into anti-corruption and fraud-prevention on the African continent. Our first story of the year hails from East Africa, when … Continue reading Perceived Corruption Hampers Asian Investment in Kenya
UK Targeting Oil, Gas & Logging: Great Britain implements EU Directive earlier than required
African "natural resource-rich countries" to be in particular focus of DirectiveThe government of the United Kingdom has announced earlier implementation of, inter alia, the anti-bribery provisions in the EU Accounting Directive than mandated by the European Commission (end of 2014, in lieu of the prescribed July 2015 deadline). The Directive requires Member States to pass legislation … Continue reading UK Targeting Oil, Gas & Logging: Great Britain implements EU Directive earlier than required
Nigeria & South Africa: Two tales of anti-corruption enforcement
Nuhu Ribadu & the Scorpions: Setbacks and potential promises for anti-corruption efforts in Africa's two largest economies Two recent articles point to a convergence of missing or diminishing anti-corruption efforts in both South Africa and Nigeria. For one, Nigeria's former head of anti corruption Mr. Ribadu (whose high-provile 2012 report revealed that the country had … Continue reading Nigeria & South Africa: Two tales of anti-corruption enforcement
FT investigative exposé shows hidden economic China-Africa ties
In the shadows of official state-level Sino-African "cooperation" lies a vast swath of hidden quasi-official dealings, with multi-million bribes in the offingThe Financial Times report by Tom Burgis on the dealings of Sam Pa (one of his 7+ pseudonyms) is highly instructive and recommended to AAF's readership. Link to "China in Africa: how Sam Pa … Continue reading FT investigative exposé shows hidden economic China-Africa ties
Concerns over FCPA & bribery issues prevent African expansion
Misconceptions of real risk limits outside investment in Africa This headline from today's Wall Street Journal captured our attention: "FCPA Fears Hinder U.S. Companies Considering Africa"! It is an interview by Ben DiPietro of Aubrey Hruby, visiting fellow at the Africa Center / Atlantic Council. Ms. Hruby's key insight shared in the interview is - while … Continue reading Concerns over FCPA & bribery issues prevent African expansion
On trial: Laundering gold-smuggling cash
S. African Free State: Gold smuggling and money laundering case closes The State has closed its case in the Free State High Court in a matter relating to 133 charges of racketeering, gold smuggling, the unlawful processing of gold and money-laundering of nearly approximately R10 billion. The State lead its case for nearly 100 court … Continue reading On trial: Laundering gold-smuggling cash
FCPA investigation hits FedEx in Kenya
Kenya and FedEx: Possible breach of FCPA anti-bribery provision According to Wall Street Journal and Law360 reports, two powerhouses (one country, one company) are involved in a recent self-reported FCPA violation: FedEx Corporation has reported possible infractions of the foreign anti-bribery law in Kenya to the United States Department of Justice. According to the … Continue reading FCPA investigation hits FedEx in Kenya
Survey shows perception gap and increased corruption
Survey shows that perception of corruption & bribery on the rise As also reported by BDLive's Evan Pickworth, a recent Ernst & Young survey shows that the perception of widespread bribery and corruption by South African executives has increased climbed by 16% to an overall 78% response. The article mentions the "high-profile regulatory enforcement [that] … Continue reading Survey shows perception gap and increased corruption
Anti-Fraud & Corruption Law in Africa 