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Richard L. Cassin Publisher and Editor

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Thomas Fox Contributing Editor

Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

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Richard Bistrong Contributing Editor 

Eric Carlson Contributing Editor

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FCPA Blog Daily News

Entries in Gift Giving (55)

Wednesday
May302012

Hong Kong's Gift-Giving Rules

Here's part of the entry from ethiXbase about gift-giving regulations for public officials in Hong Kong:

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Monday
May142012

SL Industries' Gifts and Entertainment Disclosure

From the 'investigations' index of ethiXbase, here is SL Industries Inc.'s FCPA disclosure in its latest Form 10-Q filed May 10, 2012.

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Friday
May112012

We Chat About China

This week we talked with Brian Kindle at the Association of Certified Financial Crime Specialists. Listen here.

Click to read more ...

Thursday
Apr122012

Diageo's 'Rice Cake' Payments

There's always a danger that an unhealthy corporate practice, even an illegal one, will gain internal acceptance and legitimacy simply because it happens all the time.

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Thursday
Mar012012

Grainger Investigates China Gift Cards

Gift-giving practices by employees in China have triggered an FCPA investigation, according to an SEC filing this week by WW Grainger Inc.

The Illinois-based industrial supply company said sales employees in China 'may have provided prepaid gift cards to certain customers.' Among Grainger's customers are government departments and agencies.

The company said it self reported the potential violations to the DOJ and SEC in late January. Its internal investigation isn't finished.

Grainger's 2011 revenues were $8 billion. It sells about a million products directly to business customers.

In China, Grainger operates from a distribution center in Shanghai and two small regional warehouses. It also has six sales offices in eastern China 'that allow sales representatives to work remotely and meet with customers,' it said.

WW Grainger Inc trades on the NYSE under the symbol GWW.

___________

Grainger's FCPA disclosure in its Form 10-K (annual report) filed on February 28, 2012 for the period ending December 31, 2011 said:

The Company is conducting an inquiry into alleged falsification of expense accounts submitted by employees in certain sales offices of Grainger China LLC, a subsidiary of the Company. In the course of the investigation the Company learned that sales employees may have provided prepaid gift cards to certain customers. The extent and value of the gift cards are subject to further inquiry. The Company's investigation includes determining whether there were any violations of laws, including the U.S. Foreign Corrupt Practices Act. Consequently, on January 24, 2012, the Company contacted the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to voluntarily disclose that the Company was conducting an internal investigation, and agreed to fully cooperate and update the DOJ and SEC periodically on further developments.

The Company has retained outside counsel to assist in its investigation of this matter. Because the investigation is on-going, the Company cannot predict at this time whether any regulatory action may be taken or any other potential consequences may result from this matter.

Wednesday
Jan182012

A Gift-Giving Regulation Database Is Here. Finally

The FCPA Database has researched gift-giving regulations for over 30 countries including Brazil, Russia, India, China, Indonesia, Japan, Hong Kong, Azerbaijan, and Italy

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Monday
Oct102011

iCompliance

This is the first time Apple Inc, the company Steve Jobs built, has ever appeared on the FCPA Blog.

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