Mondelēz International, Inc. agreed Friday to pay $13 million to resolve FCPA offenses related to payments by its Cadbury unit in India.
Entries in India (211)
Infosys Limited said its General Counsel and Chief Compliance Officer David Kennedy left the company effective December 31. The company hasn't given a reason for Kennedy's departure.
The Indian Government has taken the controversial step of demonetarizing all 500 rupee ($7.30) and 1,000 rupee ($14.60) notes in an effort to curb “black money” and the corruption that generates in an insidious and clandestine economy.
Like the miasma of foul air and failed policies that choked New Delhi and closed schools last week, the Indian government’s sudden declaration that more than 80 percent of its circulating currency is invalid left many across the country stung and choked.
Anheuser-Busch InBev paid $6 million Wednesday to settle charges that it violated the Foreign Corrupt Practices Act and impeded a whistleblower who reported the misconduct.
The FCPA Blog will be in New York City on October 26 and I hope you'll be there too.
India has always been a cash economy. The reasons are easy to see. India is still under-banked (only 53 percent of households have accounts, and many are dormant). The delay in enforcement of contracts encourages payment in cash. The low penetration of internet and low literacy discourage electronic transactions.
Two former senior executives of Louis Berger International were sentenced for bribing officials for more than a decade to win contracts in India, Indonesia, Vietnam, and Kuwait.
I was pleased to read that others are picking up on the excellent work undertaken by Indian Prime Minister Narendra Modi and his government.