Weekly roundup: Lukoil indicted for money-laundering in Romania, Ukraine pledges to implement anti-corruption measures, Singapore company accused of facilitating arms shipment to North Korea, U.S. probe into hedge fund payment to Zimbabwe government and more
Prosecutors in Romania have indicted Russian oil company Lukoil in a $2.19 billion money-laundering probe. Management at its local refinery is accused of having siphoned off company funds to offshore entities controlled by persons under EU sanctions, which in turn transferred the money to other Lukoil affiliates.
Ukraine has pledged to implement a number of anti-corruption measures as part of a financial assistance programme from the IMF. This includes providing the National Anti-Corruption Bureau (NAB) with the necessary information and assets to be fully operational.
A Singapore company is accused of facilitating a shipment of arms to North Korea by paying for its passage through the Panama canal. North Korea is under a UN arms embargo.
U.S. authorities are examining the role of hedge fund Och-Ziff in a $100 million payment to the Zimbabwe government by a mining company it invested in. The investigation is focusing on whether Och-Ziff was aware that the money would reach foreign officials.
And finally, FCPA Professor discusses the implications of SEC enforcement action against Mead Johnson Nutrition Company. It argues that the most alarming aspect of the action is that it suggests an obligation to self-report internal investigations even when the latter do not find evidence of FCPA violations. The company’s Chinese subsidiary has been accused of having paid healthcare professionals at government hospitals to recommend its infant formula. Mead Johnson Nutrition agreed to pay $12 million to settle charges.
Arachnys weekly update
This week, we released Arachnys Compass 2015, our annual survey of company and litigation data availability worldwide. The site lists more than 1,200 sources of corporate and legal information from our database and evaluates the volume of data available in each.
In addition to calculating an overall score for each country, the Arachnys Compass shares the key names and links to the sources contributing to a country’s performance, as well as displaying the types of data, such as names of shareholders, available from each source.
New sources: 139
Source of the week:
The National Prosecuting Authority of South Africa website contains news and information on state prosecutions as well as other administrative and legislative documents. The site also has a procurement section with details of tenders and bidders.