My Blog List

Friday, December 12, 2014

MAN AG discloses $344 million in penalties and costs for bribe scandal

German truck and diesel engine maker MAN AG has said a five-year old bribery scandal has now cost the company €250 million ($344 million) in fines and penalties and investigation costs. See more on FCPA BLOG MAN SE (formerly MAN AG) (MAN:Xetra)(MAN:GR) is a Global Compact participant since 2010/12/06. In 2013, MAN SE was a USD 15,000 contributor to the Foundation for the Global Compact, (USD 10,000 in 2012 and 2011.

Wednesday, September 24, 2014

Friday, August 29, 2014

Supplier factory of Samsung, Lenovo violates rights of children and students

Only six weeks after the latest revelation of child labor in Samsung’s supply chain, China Labor Watch (CLW) has again uncovered child workers and student workers employed under exploitative conditions at a Samsung and Lenovo supplier factory called HEG Electronics in Huizhou, Guangdong Province. Lenovo is a Global Compact participant since 05-01-2009. The Global Compact 5th Principle states that "Businesses should uphold the effective abolition of child labour." Lenovo was a USD 15,000 contributor to the Global Compact Foundation in 2014, 2013, 2011 and USD 10,000 in 2009.

Wednesday, February 26, 2014

Authorities raid Kongsberg Gruppen

Norway’s economic crimes unit Økokrim raided the defense communications arm of defense contractor and technology firm Kongsberg Gruppen on Tuesday, and charged the company with corruption. Authorities were tight-lipped, and wouldn’t immediately say whether any company executives or other individuals have been charged as well. More on Kongsberg Gruppen (KOG:Oslo) is a Global Compact participant since 2006/07/31. The alleged corruption facts range from 1999 to 2008. Kongsberg Gruppen was also a Silver Contributor (USD 5,000 < USD 10,000) to the Foundation for the Global Compact in 2012 and a USD 10,000 - USD 14,999 contributor in 2013.

Friday, January 17, 2014

Former CEO of Norway's Yara indicted on corruption charges

The former chief executive of Norway's Yara International(YAR.OL), Thorleif Enger, has been indicted on corruption charges after a cross-border bribery investigation by the police's economic crime unit, his lawyer said on Thursday. More on Reuters. Yara International ASA (YAR:Oslo Bors)(YAR.OL)PINX:YARIY is a Global Compact participant since 2006/02/03. In 2012, 2011 and 2010, Yara International ASA was a Gold Contributor to the Foundation for the Global Compact.

Friday, January 10, 2014

Alcoa World Alumina Agrees to Plead Guilty to Foreign Bribery and Pay $223 Million in Fines and Forfeiture

Alcoa World Alumina LLC, a majority-owned and controlled global alumina sales company of Alcoa Inc., has agreed to plead guilty later today and pay $223 million in criminal fines and forfeiture to resolve charges that it paid millions of dollars in bribes through an international middleman in London to officials of the Kingdom of Bahrain, in violation of the Foreign Corrupt Practices Act (FCPA). More on the U.S. Department of Justice website. Alcoa Inc. (AA:New York)(NYSE: AA) is a Global Compact participant since 23-09-2009. The company contributed to USD 10,000 to the Global Compact Foundation in 2010.

Thursday, January 9, 2014

Novartis Accused of Paying Kickbacks for Exjade Sales

A Novartis AG (NOVN) unit was accused by the U.S. and a group of states of paying kickbacks to a specialty pharmacy to boost sales of Exjade, an iron-control drug that can cause kidney and liver failure. More on Bloomberg. Novartis is a Global Compact participant since 2000/07/26 and is considered as one of the organization's Founding Fathers. Novartis was a LEAD contributor (USD $65,000 +) to the Foundation of the Global Compact in 2013 and 2012, and a USD 10,000 contributor in 2010. In 2009, Novartis International AG signed the UN Global Compact's CEO Letter against Corruption!