Avihu M.’s Post

Tackling Private Sector Bribery: A Landmark Case in Malaysia The recent enforcement of Malaysia’s anti-bribery laws against Pristine Offshore Sdn Bhd marks a significant step in the fight against corruption in the private sector. The Malaysian Anti-Corruption Commission (MACC) charged the company and its former director, Chew Ben Ben, with bribery to secure an oil exploration subcontract. This case underscores the importance of stringent anti-corruption measures and compliance within corporate governance. In complex legal disputes involving bribery and arbitration, having access to all crucial information can be the key to securing a favorable outcome. Comprehensive intelligence gathering and thorough investigation are essential for uncovering the truth and ensuring justice. #AntiBribery #Arbitration #CorporateGovernance #RiskManagement #Compliance

Tackling Private Sector Bribery: A Landmark Case in Malaysia The recent enforcement of Malaysia’s anti-bribery laws against Pristine Offshore Sdn Bhd marks a significant step in the fight against corruption in the private sector. The Malaysian Anti-Corruption Commission (MACC) charged the company and its former director, Chew Ben Ben, with bribery to secure an oil exploration subcontract. This case underscores the importance of stringent anti-corruption measures and compliance within corporate governance. In complex legal disputes involving bribery and arbitration, having access to all crucial information can be the key to securing a favorable outcome. Comprehensive intelligence gathering and thorough investigation are essential for uncovering the truth and ensuring justice. #AntiBribery #Arbitration #CorporateGovernance #RiskManagement #Compliance

Strengthened foreign bribery laws now in effect in Australia. Here's what you need to know.

In light of the recent court appearances of former Glencore executives over corruption charges, this case stands as a critical litmus test for the commitment of US and European prosecutors to tackling corruption in highly tainted industries like commodity trading. The charges, stemming from allegations of bribery in West Africa, reflect the serious need for robust accountability measures in this sector. The outcomes will signal how strong the deterrent penalties are for corporate misconduct on this scale. Moreover, regulators must introduce and enforce preventive anti-corruption mechanisms, ensuring leadership sets the proper tone at the top to avoid delays in justice and accountability for those complicit. Hashtags: #AntiCorruption #CorporateAccountability #RegulatoryReform #CommodityTrading #GlencoreScandal

📌 Early bird discount ends today for IBA Anti-Corruption Committee Asia Conference, Marina Bay Sands, Singapore, 11-12 Nov 2024. Register before 4 October to receive early registration discounts here: https://lnkd.in/ewjwP7ad Join us for an unparalleled conference presented by the IBA Anti-Corruption Committee and supported by the IBA Asia Pacific Regional Forum. This programme has been approved for 11 Nov 2024 (Day 1): 5.0 Public CPD points / 12 Nov 2024 (Day 2): 7.0 Public CPD points by the Singapore Institute of Legal Education (SILE). Please refer to our conference website for more information. ✔ Topics will include: - Using technology in anti-corruption enforcement - Anti-corruption laws and protection of investor interests - Safeguarding data privacy in the fight against corruption - Corruption and dispute resolution: navigating ethical challenges in litigation and arbitration - Exploring trial-free approaches to combat corruption - Regulatory enforcement and compliance: navigating the complexities of anti-corruption investigations - Should we prioritise collaboration or adversarial tactics when negotiating with regulatory enforcement authorities? For further details including a list of confirmed speakers, check out our conference programme here: https://lnkd.in/ewjwP7ad We look forward to seeing you in Singapore! #AntiCorruption #lawyer #asiapacific #singapore #IBAevents

Why a Clear ABAC Policy is Essential for Businesses in Malaysia? Did you know that having a clear Anti-Bribery and Corruption (ABAC) policy is crucial for businesses operating in Malaysia? It's not just about upholding ethical standards, but also about protecting your organization in various ways. Here's why a well-defined ABAC policy is essential: Strengthens Integrity: A clear policy establishes a strong foundation for ethical business practices, fostering a culture of transparency and accountability. Ensures Legal Compliance: Adherence to ABAC principles helps businesses avoid violating anti-bribery laws like the Malaysian Anti-Corruption Commission Act 2009, thereby mitigating potential legal and financial consequences. Protects Reputation: Robust ABAC procedures safeguard your company's image and reputation, building trust with stakeholders and clients. Reduces Financial Risks: Bribery and corruption can lead to significant financial losses through inflated costs, fines, and lost business opportunities. A clear ABAC policy helps minimize these risks. Enhances Third-Party Relationships: Implementing strong ABAC measures within contracts fosters trust and transparency with third parties, leading to more reliable and ethical partnerships. Investing in a clear and comprehensive ABAC policy goes beyond just compliance. It's a strategic decision that safeguards your organization's integrity, reputation, and financial well-being. #ABAC #compliance #malaysia #businessintegrity

Here is a chronological timeline of the OPL 245 saga - 1998: OPL 245 is awarded to Malabu Oil & Gas Ltd., which is owned by Dan Etete, Nigeria's former Petroleum Minister, and Mohammed Abacha, son of General Sani Abacha, by the military government headed by same Gen. Sani Abacha. - 2001: President Olusegun Obasanjo revokes the award of OPL 245 to Malabu. - 2006: After six years of litigation, Obasanjo approves an out-of-court settlement that returns the oil block to Malabu. - 2011: Malabu sells OPL 245 to Shell and Eni for $1.1 billion, with Mohammed Abacha reported to have received a significant share of the payment. - 2012: Nigeria's House of Representatives launches an investigation into the deal. - 2013: The Nigerian government revokes Shell and Eni's licenses to operate the block. - 2015: Nigeria files a lawsuit against Shell and Eni in London, alleging corruption and fraud in the deal. - 2016: Italian authorities raid Eni's headquarters in Milan, seizing documents related to the deal. - 2017: Nigeria files a new lawsuit in the UK, accusing Shell and Eni of bribery and fraud. - 2018: The Italian court indicts Eni and Shell for bribery and corruption related to the deal. - 2020: The Milan court acquits Shell, Eni, and all defendants of corruption charges. - 2020: Nigeria loses its $1.7 billion claim against J.P. Morgan Bank over the transfers of proceeds from the sale of the oil block to Malabu's directors. - 2020: The US Department of Justice and the U.S. Securities and Exchange Commission closed their investigations into the deal without taking any action. - 2024: The US Congress moves to reopen the case of Nigeria's OPL245, says Shell, Eni still profiting from the fraud. Me: Wahala for corruption 🤣🤣🤣 #Corruption #Oilandgas #Nigeria #IOCs #Malabu #OPL245

The Australian government has, after many years of deliberation, passed the Crimes Legislation Amendment (Combatting Foreign Bribery) Bill 2023 which introduces a new indictable corporate offence of failing to prevent foreign bribery. Read more below. #corporate #foreign bribery #legislation

Trafigura settled a bribery case with the U.S. DOJ by paying over $126 million for violating anti-bribery laws. The company admitted guilt for bribing Brazilian officials to secure business with Petrobras. Despite criticism, Trafigura cooperated with the investigation and has implemented enhanced policies to prevent corruption. This settlement follows Gunvor's recent case where they paid over $661 million for bribery allegations in Ecuador and Congo-Brazzaville. #MarinerNews #MaritimeIndustry #ShippingNews #Shipping #Maritime

The Australian government has, after many years of deliberation, passed the Crimes Legislation Amendment (Combatting Foreign Bribery) Bill 2023 which introduces a new indictable corporate offence of failing to prevent foreign bribery. Read more below. #corporate #foreign bribery #legislation