Posted Friday July 24, 2015

Weekly roundup

Weekly roundup: Singapore shipping firm sanctioned over North Korea links, World Bank plans transparency reforms, UK tests deferred prosecution model, and more

  • Eight out of sixteen board members of Toshiba, including Chief Executive Hisao Tanaka, have resigned after the firm was revealed to have overstated profits by $1.2bn over a seven-year period.

  • Singapore shipping company Senat was sanctioned by the US Treasury for providing support to North Korea’s Ocean Maritime Management Company. Their president, Leonard Lai, was also added to OFAC’s Specially Designated Nationals list.

  • The executive board of the World Bank have approved a new procurement framework in which they will ‘examine options’ to disclose the beneficial ownership details of entities involved in activities financed by the organisation.

  • Swiss investigations into corruption at Petrobras have been widened to include Odebrecht – Latin America’s largest construction company. Prosecutors allege that the firm operated a cartel of firms overcharging Petrobras and using the excess as bribes to members of Dilma Rousseff’s government.

And finally, the UK’s Serious Fraud Office has begun exploring the use of deferred prosecution agreements (DPAs) as an early intervention on fraud and corruption cases. The department hasinvited Barclays bank and Sarclad, a small industrial tech company, to accept deals and avoid prosecution. DPAs are a frequently used measure by the US Justice Department in settling corporate corruption probes but are yet to be successfully employed in a UK case. Transparency and anti-corruption NGOs have lobbied against widespread use of DPAs, arguing that US courts routinely ‘rubber stamp’ deals in cases that should proceed to a trial.

Arachnys weekly update

New sources: 52

Source of the week:

The Tehran Chamber of Commerce and Industry provides company and director names of over 20,000 registered businesses in Tehran.

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