ONE of the more extreme recent cases of corporate bribery is that of LafargeHolcim, a giant Swiss-French cement-maker which was accused in 2016 of funnelling money to armed groups controlling roads and checkpoints around a factory in Syria. The firm still cannot be sure who pocketed its payoffs, via middlemen, that were intended to keep its facility running at all costs. The money may well have ended up funding Islamic State terrorists.The investigation into LafargeHolcim is one sign of a wider change. The era when European firms could talk up lengthy “ethics codes” at home and behave badly abroad is over. Long gone are the days when German law counted bribes paid by the country’s industrial champions as tax-deductible. A spate of scandals in Europe suggest that prosecutors, as well as the politicians who influence how much freedom judicial investigators enjoy, are becoming ever less tolerant of corporate corruption.Another big firm under pressure is Novartis, a Swiss drugmaker....Continue reading
KUALA LUMPUR (May 25): Malaysia's finance minister said on Friday he has asked the Inland Revenue Board to investigate financier Low Taek Jho and his family in relation to 1Malaysia Development Bhd (1MDB), the state fund at the heart of massive anti-corruption probe.
Lim Guan Eng said in a tweet: "The Inland Revenue Board is asked to investigate Jho Low and his family in relation to any returns or anything received in the 1MDB scandal."
Essential, the smartphone company helmed by Android co-creator Andy Rubin, is trying to sell itself and has cancelled development of its next phone, Bloomberg reports. The report states that Essential has hired Credit Suisse Group AG to advise them on potentially selling itself. The company raised $330 million from investors, including Rubin’s own Playground Global, […]