Bribery and Corruption

Telenor ASA's Ex-CEO ends consulting and gives up bonus amid probe

The company's former CEO agreed to end a consulting agreement with the board and give up his 2015 bonus after the Norwegian police joined other nations in probing alleged bribery at VimpelCom Ltd.

VimpelCom Ltd. is being investigated by various authorities in relation to alleged bribes to win business in Uzbekistan. It is understood that questions have been raised about what information the Telenor Group had about these allegations. 

Bloomberg Business, 9 November 2015

Billionaire Fredriksen suspends CEO amid bribe probe

The Fredriksen Group suspended CEO, Jo Lunder, after he was detained by Norwegian authorities in a bribery probe related to his former role as the top executive at VimpelCom Ltd. 

Bloomberg, 6 November 2015

Fifa crisis: Brazil's Jose Maria Marin extradited over bribery

The former head of Brazilian football, Jose Maria Marin, has been extradited to the US to face corruption charges. 

BBC News, 3 November 2015

NC Superior Court judge arrested on bribery and corruption charges

A North Carolina Superior Court judge is charged with trying to bribe an FBI officer to collect text messages between two phone numbers in what the judge said was a family matter. 

WRAL, 4 November 2015

Money Laundering

Guernsey directors fined for anti-money laundering failings

Four executive directors of Guernsey financial services and former QROPS provider, Confiance Limited, have been fined, and in three cases also banned, from performing key functions for five years. 

International Adviser, 9 November 2015

Cyber Crime

Charges brought in largest U.S. financial cyber-hacking

Prosecutors have charged three men relating to the largest cyber-attack of financial firms in U.S history, where personal information for 100 million people was accessed by cyber-thieves. 

BBC News, 10 November 2015

Fraud

SFO drops case against Gyrus Group Ltd and Olympus Corporation

The Serious Fraud Office has dropped its case against Olympus Corporation and its UK subsidiary, Gyrus Group Limited, which had been charged with offences of making misleading statements to auditors.

This action follows the Court of Appeal judgement that found that companies cannot be held criminally responsible for misleading their own auditors. 

Serious Fraud Office, 10 November 2015

Former Rabobank traders convicted in US over Libor rigging

Two former Rabobank traders, Anthony Allen and Anthony Conti, were found guilty of fraud in the first U.S. trial arising from a global investigation into whether banks manipulated the LIBOR rate. 

The Guardian, 5 October 2015

Lawyer and advisers accused in $300 million Stock Fraud Scheme

A New York securities lawyer and two investment advisers were charged as part of an expanding U.S. probe into an alleged $300 million scheme involving manipulation of penny stocks. 

Bloomberg Business, 4 November 2015

Financial Regulation

ABN Amro fined $1.3 million over deficiencies at Dubai unit

ABN Amro Group, the Dutch state-owned lender preparing for an initial public offering, was fined more than $1.3 million after regulators found that it failed to control money laundering risks at its private bank in Dubai. 

Bloomberg Business, 4 November 2015

Swiss begin enforcement proceedings against banks over Petrobras

Switzerland's finance regulator has begun enforcement proceedings against three Swiss banks over shortcomings in their anti-money laundering provisions that exposed them to a corruption scandal surrounding Petrobras Brasileiro SA. 

Bloomberg Business, 3 November 2015

Tax

Germany Fifa crisis: Tax raid on German football association

Prosecutors say that police in Frankfurt have raided the headquarters of the German Football Association over allegations of tax evasion linked to the 2006 Fifa World Cup. 

BBC News, 3 November 2015

Health and Safety

Steel worker left scarred for life

International steel giant Tata has been fined £180,000 after pleading guilty to safety breaches. An employee was showered in scalding molten metal after an explosion at Tata's Rotherham plant. 

Health and Safety Executive, 10 November 2015

Health and Safety: Tough new penalties

New sentencing guidelines have been published which will impose tougher penalties for companies committing health and safety, corporate manslaughter, food safety and hygiene offences.  Most notably, large organisations with turnovers greater than £50 million and with high culpability will be subject to a sentencing range of between £500,000 and £20 million.  The guidelines intend to ensure that companies take their responsibilities seriously, highlighting that any fine must be "sufficiently substantial to have a real economic impact which will bring home to both management and shareholders the need to comply with health and safety legislation".

Whilst the guidelines will only apply to sentences after 1 February 2016 (irrespective of the offence date), it is anticipated that Judges will begin applying the guidance in advance. 

Sentencing Council, 3 November 2015