As I recently wrote for the Accelus Regulatory Intelligence subscription service, bold measures are required of multinational firms to stay in compliance with the FCPA. Firms need to know not only what all of their divisions and employees are doing, but what their subsidiaries and vendors are doing.
Entries in Alstom (27)
Monday's $772 million DOJ enforcement action against Alstom SA and several subsidiaries landed second on our list of the top ten FCPA cases of all time.
Paris-based Alstom pleaded guilty Monday to bribing officials in Indonesia, Saudi Arabia, Egypt, and the Bahamas. It will pay $772 million in criminal penalties to settle the charges, the DOJ said.
At Pinsent Masons regulatory conference in London a few weeks ago, David Green, the chief of the UK Serious Fraud Office, talked about how many known frauds happen on his turf. Here's a hint: Lock up the silverware because it's a growth industry.
During the third calendar quarter, there was one corporate settlement of an FCPA enforcement action and two individual resolutions. (The third quarter last year was less active, with no corporate resolutions.)
The trial of a UK subsidiary of Paris-based Alstom started Tuesday, with the Serious Fraud Office alleging in filings that the company paid $8.5 million in bribes for contracts in India, Poland, and Tunisia.
At the Cambridge Symposium on Economic Crime at Jesus College Tuesday, David Green QC, the head of the UK Serious Fraud Office, described what he called a cross section of the SFO's current caseload.
The Serious Fraud Office said Thursday it has started criminal proceedings "against an Alstom company in the UK by written charge."