Posted Friday February 6, 2015

Weekly roundup

Weekly roundup: Petrobras leadership quits over bribery revelations, ‘culture’ is the buzzword for banks and regulators, and more

  • The CEO of Brazilian state oil company Petrobras resigned alongside five senior directors as investigations revealed R$23 billion of bribes and political kickbacks.
  • Belgium is being investigated by the European Commission after claims that their tax system gives unfair advantages to international companies over Belgian competitors.
  • US District Judge Richard Leon has ruled that a $21 million settlement agreed earlier with Fokker Services BV over trade with sanctioned states including Iran was too lenient, though it is unclear whether he has authority to challenge the deferred prosecution agreement.
  • Former State Senator Malcolm Smith is found guilty of running a bribery scheme to rig the 2013 New York mayoral elections, the latest politician to fall victim to the anti-corruption drive of Manhattan attorney Preet Bharara.

And finally, the Wall Street Journal examines the trend where banks – and regulators – are increasing their focus on corporate culture and how to identify whether employees are likely to take excessive risks, cut corners or break rules.

Arachnys update

New sources: 67

Source of the week: Nigerian Independent Corrupt Practices and Other Related Offences Commission

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