On October 15, 2010, the Organization for Economic Cooperation and Development’s Working Group on Bribery in International Business Transactions issued its report on the third phase of its evaluation of the U.S. implementation of the OECD Anti-Bribery Convention and related instruments, which included a look at enforcement of the Foreign Corrupt Practices Act2. Highlights of the report include:
The Justice Department announced that SB Pharmco Puerto Rico Inc., a subsidiary of GlaxoSmithKline, PLC (GSK), has agreed to plead guilty to charges relating to the manufacture and distribution of certain adulterated drugs made at GSK’s now-closed Cidra, Puerto Rico, manufacturing facility. The resolution includes a criminal fine and forfeiture totaling $150 million and a civil settlement under the False Claims Act and related state claims for $600 million.
On August 6, 2010, the Justice Department announced criminal and civil penalties against three subsidiaries of two tobacco companies totaling $28.35 million, as settlement for their bribery of Thailand and Kyrgyzstan government officials and employees in violation of the Foreign Corrupt Practices Act (FCPA).
The Department of Justice announces that Swiss-based freight forwarder Panalpina Inc. has agreed to pay the U.S. $375,000 to settle allegations that the company paid kickbacks related to shipping orders issued in connection with a contract with the U.S. Army to provide logistical support to the U.S. military in Iraq and elsewhere.
On July 21. 2010, the President signed into law the conference version of H.R. 4173, the financial reform bill, which will impose new requirements on companies that use “conflict minerals” and provide new whistleblower rewards.
On July 15, 2010, the Senate agreed to the conference report for H.R. 4173, the financial reform bill, which contains provisions that would impose new requirements on companies that use “conflict minerals” and provide new Foreign Corrupt Practices Act whistleblower rewards, clearing the measure for the President. (See ITT's Online Archives or 07/14/10 news, 10071428, for details on the conference report's conflict minerals and FCPA whistleblower provisions.)
The Senate reached agreement to resume consideration on July 15, 2010 of the conference report for H.R. 4173, the financial reform bill, which contains provisions that would impose new requirements on companies that use “conflict minerals” and provide new whistleblower rewards. On July 15, 2010, the Senate is expected to vote on ending debate on the conference report.
On July 13, 2010, the Senate began consideration of the conference report for H.R. 4173, the financial reform bill, which contains provisions that would impose new requirements on companies that use “conflict minerals” and provide new Foreign Corrupt Practices Act whistleblower rewards. The Senate has scheduled a vote to end debate on the conference report on July 15, 2010.
On June 30, 2010, the House of Representatives passed the conference version of H.R. 4173, the financial reform bill, which contains provisions that would impose new requirements on companies that use “conflict minerals” and provide new whistleblower rewards. The Senate is expected to pass this conference version the week of July 12, 2010.
On June 30, 2010, the House agreed to the conference report to accompany H.R. 4173, the financial reform bill. The separately House- and Senate-passed bills contained trade provisions such as requirements for companies using conflict minerals, whistleblower awards for securities violations such as FCPA, expanded authority for the FTC. See future issue of ITT for details on the trade provisions in the conference report. On June 30, 2010, the Senate rejected a motion to close further debate on H.R. 4173.