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Foreign Corrupt Practices Act Update: Considerations Around Voluntary Disclosures

GovCon & Trade

Two recently announced Foreign Corrupt Practices Act (FCPA) settlements involving reinsurance companies demonstrate what happens when the rubber hits the road. Jardine Lloyd Thompson Group Holdings Ltd.

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European Court of Auditors publishes report on public procurement

Telles.eu

As several objectives of the 2014 reform remain unattained, we conclude that, the entry into force of the 2014 directives has had no demonstrable effect. (…) Also, as publication rates remain low, transparency, a key safeguard against the risk of fraud and corruption, is negatively affected. Its deadline was 18 April 2019.

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Telecommunications Giant Telefónica Venezolana Agrees to $85 Million FCPA Settlement

Whistleblower Network News

agreed to pay $85 million to settle charges that the company violated the Foreign Corrupt Practices Act (FCPA) by engaging in a bribery scheme in Venezuela. According to the DOJ, “in 2014, Telefónica Venezolana participated in a government-sponsored currency auction in Venezuela that allowed it to exchange its Venezuelan bolivars for U.S.

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Worley International Services v. Ecuador: The What, When and How in Corruption Allegations

Kluwer Arbitration

On its part, the Respondent raised several objections to the jurisdiction of the Tribunal, specifically pointing to several instances of corrupt and illegal acts allegedly committed by Worley at the making and during the operation of the investment. Worley may have willfully failed to monitor and investigate Tecnazul’s corrupt activities.

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Evolution of Kosovo’s Investment Arbitration Law: Defining the Foreign Investor and the State’s Role in Arbitration

Kluwer Arbitration

04/L-220 on Foreign Investment (hereinafter, the “2014 Law on Foreign Investment”), which safeguarded foreign investors as a key element in promoting international economic cooperation and attracting foreign capital, has now been replaced by Law No. Kosovo Law No.

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SEC Sanctions Global Software Company SAP $100 Million for FCPA Violations

Whistleblower Network News

Securities and Exchange Commission (SEC) announced a $100 million settlement with global software company SAP SE over charges of violations of the Foreign Corrupt Practices Act (FCPA). anti-corruption law that prohibits the payment of anything of value to foreign government officials in order to obtain a business advantage.

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When Is a “Final” Award Truly Final? The Case of Voltas Ltd v York International Pte Ltd

Kluwer Arbitration

Background Facts In 2014, an arbitrator rendered an award, entitled “Final Award”, holding York International Pte Ltd (“York”) liable to Voltas Limited (“Voltas”) for sums amounting “up to a maximum of” SGD 1,132,439.46 (“2014 Award”). In 2020, Voltas sought a further award from the arbitrator on whether this sum was payable.

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