After conducting a thorough and privileged internal investigation, it becomes evident that your Company has overcharged the government over $50 million, and that the fraud was directed by a high-level manager. What do you do next? After the recent HealthSun declination, you should self-disclose under the DOJ’s Voluntary Self-Disclosure policy, in conjunction with other acts of remediation!
Continue Reading Should my Company Self-Disclose Major Fraud? The Answer is Now Clear
On September 29, 2023, Albemarle Corporation (“Albemarle”), a global chemical manufacturer, reached an agreement with the U.S. Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) to resolve investigations into violations of the U.S. Foreign Corrupt Practices Act (“FCPA”). This settlement is the culmination of a five-year investigation stemming from bribe payments made by Albemarle’s third-party sales representatives and employees of a subsidiary to government officials in Vietnam, Indonesia, and India to obtain government contracts in the chemical catalyst business between 2009 and 2017.
Continue Reading Albermarle Agrees to Pay $218 Million to Settle Foreign Bribery Probe