Weekly roundup: US sanctions Iraqi airline, Corruption probes shake Guatemalan government, Italy passes contested anti-corruption law and more
Following corruption investigations which led to the arrests of heads of the central bank and social-security agency, Guatemalan President Otto Pérez has purged his cabinet as his administration struggles to contain fallout from a string of probes and demonstrations demanding Mr. Pérez’s resignation.
The US Securities and Exchange Commission has charged mining giant BHP Billiton with FCPA violations and imposed a $25 million (£16m) fine over a hospitality program to entertain 176 foreign government officials and their spouses, mostly from Africa and Asia, at the Beijing Olympics in 2008.
Italy has passed a strongly contested law to tackle rampant corruption which has long undermined the stagnant economy by deterring foreign investors and pushing up costs.
And finally, according to a recent survey — The Street, The Bull and the The Crisis — released by Labaton Sucharow and the University of Notre Dame’s Mendoza College of Business, 16% of those polled say their company’s confidentiality policies and procedures prohibit reporting potential illegal or unethical activities directly to law enforcement. That number increases to 25% for employees earning more than $500,000 annually. The survey polled more than 1,200 US and UK-based financial services professionals to examine views on workplace ethics, the nexus between principles and profits, the state of industry leadership and confidence in financial regulators.
Arachnys weekly update
New sources: 68
Source of the week: Guatemala Centre for Judicial Analysis and Documentation (CENADOJ) provides access to court judgements from across multiple courts by party name.