Back in 2016, AAF published a story about Och-Ziff's FCPA trouble involving, among Congolese diamond mines, the so-called Libyan Investment Authority (LIA). The LIA was a sovereign wealth fund ("SWF"), recalls Andreas Stargard, an attorney with Primerio Ltd., focused on anti-corruption and antitrust matters in Africa: "In the case of Och-Ziff, the LIA was allegedly implicated in … Continue reading Sovereign Wealth Funds: Contributing to African growth or abetting corruption?
ANATOMY OF CORRUPTION
By Peter O'Brien Cases of corruption are so common that you need a good excuse to write about another one. So how do we justify commenting on the South African scandals involving the Gupta family, at least one of the country’ most significant state-owned enterprises (SOE), a slew of well-known international firms, prominent local law … Continue reading ANATOMY OF CORRUPTION
Och-Ziff’s African (formerly lucrative) nightmare
Och-Ziff Capital Management Admits To Role In Africa Bribery Conspiracies And Agrees To Pay $213 Million Criminal Fine From the U.S. Attorney’s Office for the Eastern District of New York: "Och-Ziff Enters into 3-Year Deferred Prosecution Agreement; Och-Ziff Subsidiary Pleads Guilty to Conspiracy to Violate the FCPA" BROOKLYN, NY – The U.S. Attorney’s Office for … Continue reading Och-Ziff’s African (formerly lucrative) nightmare
“Apartheid stole the past, corruption steals our future” – South Africa protests graft
Wake-up call for Zuma government? Unlikely as ANC battles crises on many fronts On September 30, 2015, several major South African cities saw a significant turnout of the Republic's denizens taking to the streets, protesting rampant perceived corruption in their country: demonstrations took place, inter alia, in Pretoria, Cape Town, Polokwane, and Durban. They numbered in … Continue reading “Apartheid stole the past, corruption steals our future” – South Africa protests graft
“Just a math issue”: Anti-Corruption Efforts in Kenya take Center-Stage for Obama
Anti-Corruption Efforts will Require some "Visible Prosecutions" President Obama opined that it was "absolutely the right thing to do for President Kenyatta [to] emphasize" the Kenyan government's stepped-up anti-corruption efforts. He called public corruption potentially "the biggest impediment to Kenya growing even faster." "Just a math issue" Business efforts being "constantly sapped" was a real … Continue reading “Just a math issue”: Anti-Corruption Efforts in Kenya take Center-Stage for Obama
Halliburton to Goodyear: FCPA risks and due diligence in foreign acquisitions
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
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
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
Thought of the day: Cost of compliance is relative
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
“I will be disbarred” — Final bit of Nigeria gas bribery scheme blows up
Natural gas bribery scheme leads to attorney disbarment: FCPA forfeiture of $148+m, 2 years prison, disbarment After being sentenced by a Texas court to 21 months for Foreign Corrupt Practices Act violations committed during his tenure as KBR Inc.'s attorney, 65-year old Jeffrey Tesler, prone to wearing hats, has now been disbarred by a Disciplinary … Continue reading “I will be disbarred” — Final bit of Nigeria gas bribery scheme blows up
Anti-Fraud & Corruption Law in Africa 