Harry Cassin Publisher and Editor

Andy Spalding Senior Editor

Jessica Tillipman Senior Editor

Richard L. Cassin Editor at Large

Elizabeth K. Spahn Editor Emeritus 

Cody Worthington Contributing Editor

Julie DiMauro Contributing Editor

Thomas Fox Contributing Editor

Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

Russell A. Stamets Contributing Editor

Richard Bistrong Contributing Editor 

Eric Carlson Contributing Editor

Bill Steinman Contributing Editor

FCPA Blog Daily News

« Bridgestone Pays $28 Million In Bid Rigging and FCPA Case | Main | Another Curve Ball For FCPA Defendants »

U.K. Arrest In Securency Case

The Guardian today reported the  arrest of a British businessman who allegedly paid for the son of a Vietnamese state bank governor to attend Durham University in the U.K. in exchange for a banknote printing deal.

Bill Lowther, a 71-year-old businessman knighted in Britain and Belgium, was charged by the Serious Fraud Office on September 8.

The SFO hasn't mentioned the arrest. It usually posts news releases on its website on the day arrests are made in major corruption cases.

"The SFO and Australian police," the Guardian said, "allege that the Securency executives bribed Le Duc Thuy, the then bank governor, to induce him to award the firm a contract to print Vietnam's currency in 2003."

The Guardian said it located the official's son in Hanoi this summer. "He denied his education was funded through corrupt payments and said both the fees for his studying and his living costs while at Durham, totalling more than £10,000, were paid by his family," the Guardian said.

Securency, the polymer banknote-maker half owned by the Reserve Bank of Australia, is under investigation in Australia and the U.K. Seven executives from the firm were arrested this year by Australian police for bribing officials in Vietnam, Malaysia, and Indonesia.

Lowther, the first person to be charged in the U.K in the growing scandal, will appear at the City of Westminster magistrates court in London on September 20.

Rob Evans was one of the reporters on the story for the Guardian. He broke the BAE bribery scandal.

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
All HTML will be escaped. Hyperlinks will be created for URLs automatically.