Bribery and Corruption

A payments provider that breached an order to stop the integration of its UK business with a rival until a full merger investigation could be carried out has been fined £250,000 by the Competition and Markets Authority (CMA).

https://www.pinsentmasons.com/out-law/news/uk-fine-issued-for-breach-of-cma-initial-enforcement-order

A forthcoming case could embolden regulators to use interim measures more often to address competition concerns they have identified in digital markets before they complete in-depth investigations, a competition law expert has said.

https://www.pinsentmasons.com/out-law/news/eu-case-to-test-interim-measures-in-competition-law-cases

A father and son promised a “tsunami of cash” as they bribed their way to Hackney council fire safety equipment deals, a court heard.

https://www.standard.co.uk/news/crime/father-and-son-paid-bribes-of-90k-to-land-fire-safety-contracts-a4253196.html

Corruption is one of the greatest obstacles to economic development. It deprives nations of income to invest into public services, with adverse implications for education, health, well-being, and prosperity. The Global Economic Forum estimates that corruption costs the public coffers US$2.6 trillion a year.

/Corruption%20is%20one%20of%20the%20greatest%20obstacles%20to%20economic%20development.%20It%20deprives%20nations%20of%20income%20to%20invest%20into%20public%20services,%20with%20adverse%20implications%20for%20education,%20health,%20well-being,%20and%20prosperity.%20The%20Global%20Economic%20Forum%20estimates%20that%20corruption%20costs%20the%20public%20coffers%20US$2.6%20trillion%20a%20year.

A Serious Fraud Office investigation into Petrofac relating to allegations the oilfield services company used bribes to win contracts in Iraq and Saudi Arabia has put a squeeze on its core profits.

https://www.telegraph.co.uk/business/2019/08/28/petrofac-profits-squeezed-sfo-bribery-probe-weighs/?WT.mc_id=tmg_share_tw

On 5 June 2019, the then Secretary for State for International Trade (SoS), Dr Liam Fox, announced a new government initiative to help provide finance to UK small to medium sized businesses (SMEs) for exports to emerging markets. While SME exporters may welcome this show of financial support at a time of Brexit uncertainty, they could also be exposed to new and emerging bribery and corruption risks should they engage in increased or new business in emerging markets. This article considers the risks SME exporters may face, how SMEs can address these challenges and the role UK Government and large multinationals can play in supporting SME exporters in navigating these challenges.

http://www.mondaq.com/uk/x/841776/White+Collar+Crime+Fraud/Eyes+Wide+Open+How+Smes+Should+Manage+New+Bribery+And+Corruption+Risks+In+Light+Of+Gamechanger+UK+Government+Support

In our last video, we discussed corporate “failure to prevent bribery” offence under the UK Bribery Act, our thoughts on a good compliance programme as well as the recent Select Committee report on the Bribery Act and the government’s response. In our second video of our ABC video series, Elly Proudlock and Lucy Blake discuss what we can expect in terms of future developments.

https://www.linklaters.com/en/insights/publications/crisis-ready/crisis-ready/the-corporate-offence-of-failing-to-prevent-bribery-video-2#.XW4u-mNjBpQ.twitter

Eyes wide open: how SMEs should manage  new bribery and corruption risks in light of “gamechanger” UK Government support

(Reuters) - Petrofac Ltd (PFC.L) on Wednesday reported a fall in first-half order intake and forecast lower 2020 revenue, citing uncertainty relating to an investigation into the oilfield services company’s dealings in Saudi Arabia and Iraq.

https://uk.reuters.com/article/us-petrofac-results/petrofac-expects-2020-sales-fall-as-bribery-probe-weighs-on-orders-idUKKCN1VI1BW

Court orders cover eight bank accounts linked to individual who has already had £20m frozen