Briefings
Culture vs Corruption Diary
Banking & Finance
Fraud: Claimant
Fraud: Defendant
Insolvency and Recoveries
Intellectual Property
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| August 2008 |
Welcome to the August edition of Mishcon's Culture vs Corruption Diary. The aim of this diary is to provide businesses and their advisors with a snapshot of what has been happening in the world of corruption in the last month.
We make no judgement whatsoever as to the morality, legality or appropriateness of the conduct which forms the subject matter of this diary. We simply aim to bring these matters to the attention of those whose responsibility it is to set ethical standards and produce business practice guidelines for the companies they work for, to allow them to make an informed decision on the best practice for their organisation.
United Kingdom
Defence
Representatives from the European and US defence industry are in talks about introducing a joint code of ethics for arms sales.
Financial Times, 14 July 2008
Government
According to a recent report, the Foreign Affairs Select Committee has received serious allegations of corruption in the Turks and Caicos Islands. The allegations relate to alleged corruption in connection with the sale of Crown land and the misuse of public funds.
Overseas Territories published by the Foreign Affairs Select Committee, 7 July 2008
Western Europe
Electronics
Reinhard Siekaczek, a former senior executive at Siemens, has been given two years probation and fined €108,000 after being found guilty of a breach of trust for organising a slush fund. The fund was used to help the company win contracts.
The Daily Telegraph, 29 July 2008
Government
The European Commission has suspended funding to Bulgaria until the authorities are able to demonstrate that sound financial management structures to combat corruption are in place and operating effectively.
European Commission press release IP/08/1195, 23 July 2008
Middle East
Government
The Israeli prime minister, Ehud Olmert, will step down in September following a number of corruption scandals. Mr Olmert denies any wrongdoing.
The Daily Telegraph, 31 July 2008
Mishcon de Reya
Mishcon's Culture vs Corruption Diary is published by the Fraud & Insolvency Group of Mishcon de Reya Solicitors. Widely recognised as the leader in the field of fraud investigations, the Group has extensive experience in conducting and/or project managing highly sensitive international investigations in respect of bribery and corruption allegations. The Group founded and runs both the Asset Protection & Recovery Network, made up of international legal fraud specialists, and the Financial Fraud Group, for risk and compliance officers.