The Magazine of Corporate Responsibility

Tag Archive for ‘Deferred Prosecution Agreement’

Italian Firm and Unit to Pay $365 Million to Settle Bribe Charges

The settlement is the latest related to a four-company joint venture that was awarded $6 billion in contracts to build liquid natural gas facilities on Bonny Island, Nigeria. U.S. officials said a total of $1.28 billion in penalties has been obtained to date in connection with the Bonny Island bribery scheme.

French Firm to Pay $338 Million to Settle Bribery Charges

French engineering firm Technip S.A. agreed to pay a total of $338 million to settle criminal and civil charges brought by U.S. enforcement agencies for its participation in a scheme to bribe Nigerian government officials to obtain more than $6 billion in contracts to build liquefied natural gas facilities on Bonny Island, Nigeria.

Holder Says More Individuals to Face Bribery Charges

Attorney General Eric Holder said the prosecution of individuals “is accelerating” amidst continuing evidence of transnational bribery. “Let me be clear, prosecuting individuals is a cornerstone of our enforcement strategy because, as long as it (bribery) remains a tactic, paying large monetary penalties cannot be viewed by the business community as merely ‘the cost of doing business,’ ” he said.

Finance Reform Bill Could Increase Whistleblower Payouts

The legislation would require the Securities and Exchange Commission to award whistleblowers up to 30 percent of the fines collected by the government for providing “original information” regarding violations of securities laws. Based on some recent cases involving the U.S. Foreign Corrupt Practices Act, payouts could be in the tens of millions of dollars.