Mishcon's Culture vs Corruption Diary - May 2010
Welcome to the May edition of Mishcon's Culture vs Corruption Diary, the object 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 bulletin. We simply aim to bring these matters to the attention of those involved in the prevention, detection and investigation of fraud.
UNITED KINGDOM
Legislation
The Bribery Bill has received Royal Assent.
Houses of Parliament website, 8 April 2010
WESTERN EUROPE
Energy
French investigators have placed French firm Total under formal investigation for alleged bribery following an eight-year inquiry into corruption linked to the United Nations oil-for-food programme in Iraq.
Scheherazade Daneshkhu
Financial Times, 7 April 2010
EASTERN EUROPE
Technology
Russian authorities have launched a probe against several former Hewlett-Packard managers over allegations of paying bribes to win a €35m contract in Russia.
Daniel Schäfer
Financial Times, 15 April 2010
AFRICA
Financial Services
According to a report by Global Financial Integrity, total illicit outflows from Africa over the last four decades amounted to approximately £3 trillion, most of it to western financial institutions.
David Smith
The Guardian, 2 April 2010
ASIA
Government
The President of South Korea, Lee Myung-bak, is demanding an overhaul of the country's prosecution system alleging that corruption among officials, local authorities and those in education “remains deeply rooted”.
Christian Oliver
Financial Times, 28 April 2010
Industry
The Securities and Exchange Commission has announced a probe into BHP Billiton over allegations of illegal payments to government officials in Cambodia.
Peter Smith
Financial Times, 23 April 2010
NORTH AMERICA
Industry
German carmaker Daimler has pleaded guilty to corruption in the United States and has agreed a $185 million settlement payment.
Peter Smith
The Times, 2 April 2010
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 Fraud Network, made up of international legal fraud specialists, and the Financial Risk Group, for risk and compliance officers.