Tagged: hospitality

SBM Offshore Finally Reaches the Finish Line and Settles FCPA Case for $238 Million

In a follow-on prosecution and end to a twisted investigation and enforcement path, SBM Offshore agreed to settle an FCPA enforcement matter for $238 million (including a $500,000 criminal fine and $13.2 million forfeiture). Under the agreement, SBM offshore entered into a three-year deferred prosecution agreement (DPA, copy here), and a US subsidiary entered a guilty plea to one count of FCPA conspiracy. The Justice...

Novartis Coughs Up $25 Million to SEC for China FCPA Violations

Last week, the SEC announced another FCPA settlement involving the pharmaceutical industry for bribery in China. The SEC’s settlement filing represents yet another example of the pharmaceutical industry run amok in China, relying on targeted gifts, meals, entertainment and travel expenditures designed to increase sales of Novartis products in China. Novartis had to cough up $25 million. The Novartis enforcement action, however, provides an important...