$1 billion per year lost to corruption Recently, AAF reported on the multi-faceted PR efforts of the new Buhari regime to clean up the soiled image of "corrupt Nigerian politics" -- among other things, by staging photo ops with World Bank leaders, charging former government officials with bribery, and moving ahead on basic appointments. Today, … Continue reading $1 billion per year lost to corruption: a Nigerian saga
CCOs say that with more investigations comes (slightly) more money According to a recent survey, the budgets allocated to compliance have grown over the last year, including those of African participants in the study. Consulting giant Deloitte has released its 2015 Compliance Trends report, the result of its survey in which 20 large corporations across … Continue reading In sync with greater enforcement: Firms’ compliance budgets grow
Chimera or Reality -- Is Africa stepping up its anti-graft game? If one is to believe the media attention that has been bestowed upon anti-corruption enforcement by various African jurisdictions, there has been an uptick in successful anti-graft campaigns across the continent. Or is there...? Has Africa truly embraced the prosecution of well-to-do businessmen and … Continue reading Increased anti-corruption enforcement across Africa?
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
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
As former U.S. Deputy Attorney General Paul McNulty has been quoted as saying at a 2009 FCPA conference: "If you think compliance is expensive, try non-compliance." (Note: Mr. McNulty is not the first to use the juxtaposition of costs in this manner. That honour goes to Derek Bok, also a lawyer and the 25th President … Continue reading Thought of the day: Cost of compliance is relative