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Case Study: European Casino Association Casino Industry ReportThe ECA represents approximately 800 casinos and 55000 employees in 23 countries across Europe.In 2013 the GamblingCompliance research team worked with the ECA to create, for the first time, a far-reaching survey of the substantial economic and.Missing:

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European Casino Association Ca­sino Industry Report | GamblingCompliance

Ideas from Europe development and scaling - Internal Market, Industry, Entrepreneurship and SMEs.. You will need to create an EU Login account (formerly ECAS) if you do not already have one. The deadline for electronic submission is 15 March 2018 at 16:00 (Brussels time). Additional information for...
Welcome to Regional Innovation Monitor Portal! Login or Register Please click on the above button to log into RIM! RIM now uses ECAS authentication. If you do not have an ECAS login yet, please click on the Enter button below, then on Sign Up in the ECAS page. In order to recover the details of an existing account,.

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Press releases for 4/18/2016

Through the new deal, Passport Technology will now be able to offer its unique services to the thriving European gambling market – a move that is expected to revolutionise the accessibility of convenient and modern payment systems across the continent. The ECA's latest partner has its head offices in.
However, the European Court of Auditors considered that the approach to procurement could be more strategic or market-oriented and, in particular, that EU Institutions could do more to facilitate SME access. In order to promote a more commercial approach to procurement, in particular, the European Court.

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Global ECA Financing team | Barclays

EU Commission president Jean-Claude Juncker's state of the union speech addressed a number of issues, but citizens seemed to be missing from the list.. European Citizen Action Service (ECAS) is an NGO empowering citizens and civil society within the European Union to exercise their rights and.
Citi was advising Aramco for loans backed by British and U.S. ECAs, Standard Chartered was advising on ECA funding from continental Europe and. Saudi Aramco has invited banks pitching for roles in its stock market listing, including Citi and Goldman Sachs, to meetings in the kingdom in coming weeks.

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To survive practising bribe, fraud, and other sustainable financial crimes | the1uploader

The air suspension market is projected to grow at a CAGR of 7.54% from 2016 to 2021 and reach a market size of $4.69 billion by 2021 led by electronically controlled air suspension (ECAS) with highest growth rate while Europe is projected to be the largest market driven by increasing demand for luxury.
The global market for Islamic financial services increased by 12% in. 2014 to $2 trillion. TheCityUK expects the market to top. $3 trillion by 2018. The UK is the top Western.. As the leading Western hub and consequently Europe's premier centre for Islamic finance, the UK is well... financial services, gambling and tobacco.

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Dentons - Nick Chandler

Sartorello Spinola, Danilo, 2018, Instability constraints and development traps: An empirical analysis of growth cycles and economic volatility in Latin... Zimmermann, Klaus F., 2017, Refugee and Migrant Labor Market Integration: Europe in Need of a New Policy Agenda, in: Bauböck, R. and Tripkovic,.
Europe is still the region with the highest alcohol consumption in the world, which contributes significantly to the mortality from non-communicable diseases (NCD).... The institute is focused on analyses of markets and economies, it has monitored the alcohol market in Estonia for more than 30 years.

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Attention Required! | Cloudflare

That is not surprising after a 31% rally over the past year, compared with the 20% rise for the KBW Nasdaq Bank Index.
For the first time in three years it reported positive sales growth.
But like other basic materials before it, the market has forgotten there is plenty of lithium in the world.
President Donald Trump is calling for a weaker dollar, a move that threatens to jeopardize Europe's fragile economic upswing.
There's very little the European Central Bank can do to fight back.
But a new analysis by the German Institute for Economic Research shows that the situation is even worse than initially thought.
Why do fish sticks in Prague have less fish?
Eastern European are tired of being served inferior products -- and the EU is finally addressing the issue.
It will have to in order to reach its CO2 reduction pledges.
But lignite is a reliable source of cheap energy and provides lots of jobs in economically fragile regions.
But today it has become a lifestyle statement.
The bean boom, though, hides the brutal economic realities behind coffee production.
Governments around the world have taken steps recently to block such strategies, but it is unclear whether they will ultimately be successful.
It is time to negotiate a new set of rules.
Otherwise, our future economy will be dominated by just a few companies.
But how did it start?
In a corrugated iron shack in the forests of West Virginia, discovered by a trio of university students.
But according to information obtained by DER SPIEGEL, he authorized an 80-million-euro severance package for the former head of that division, Jean-Paul Gut.
German CEO Tom Enders is leading the clean-up effort, but documents reveal that he might not be as spotless as he claims.
Now, Tesla is making inroads in Germany -- and the country's automakers face an uncertain future.
Smartphones are capable of replacing many devices that have become standard in medical practices and some apps will soon be able to provide diagnoses as well.
Patients are becoming less reliant on doctors.
But some are engaged in match-fixing, manipulating games and earning millions off crooked bets.
They have already infiltrated a number of teams.
DER SPIEGEL went to the island nation to investigate, and found a lot of empty offices and empty words.
The country's supervisory controls are loose and officials often look the other way, opening the door for possible money laundering and tax evasion, a whistleblower claims.
But it hasn't damaged the paper -- on the contrary.
The newsroom may be exhausted, but it is more motivated than ever.
Following the publication of a report on the allegations, the Real Madrid player's agency dismissed the story as "journalistic fiction.
President Donald Trump has said it is "very unfair" that Germany sells more products in the United States than vice versa.
Now German Finance Minister Wolfgang Schäuble is traveling to the U.
The message: Trade surpluses aren't really a problem.
Investors have lost confidence, tourists are staying away and the lira is rapidly losing value.
President Erdogan hasn't grasped the severity of the situation.
President Donald Trump is currently steering his country into economic isolation.
Bodies like the IMF, the G-7 and the G-20 fear for the future of the global financial system.
They want Germany to take on a stronger role in standing up to the Americans.
Here are a few of the more unlikely economic indicatorsIn this web page search for how to predict the next recession, — sadly, you just know another one will be along sooner or later — economists are willing to look well beyond the traditional statistics.
There is a counterpoint to this, say campaigners for older savers, which is the level of interest rates over the period.
The increase would equate to adding £930 a year to the cost of servicing the average mortgage.
A Christian tradition of ethical reasoning offers a helpful perspectiveThe belief that we are naturally and fundamentally selfish, from our genes upwards, may be the most powerful of all the acids eating at the foundations of the welfare state and of the wider postwar liberal order.
How can the party of Attlee contemplate it?
The World Bank estimates that corruption costs more than 5 per cent of global GDP annually USD2.
Globalisation is causing financial systems to become increasingly integrated.
Criminals are adapting to this environment, with increases in cross-border fraud, money laundering and bribery.
For example, corruption is a problem for small businesses in many countries.
Transparency International has estimated that up to 50 per cent of the cost of setting up a small business can be lost in bribes to obtain licences to operate.
Whilst the losses in each case may be small, they can be devastating for the individuals concerned and add up to hundreds of millions of dollars in costs across the world.
As a leading international bank, we have a major role to play in the fight against these threats.
Standard Chartered is fully engaged in preventing, detecting and mitigating financial crime in our markets, including money laundering, terrorist financing, bribery and corruption, market abuse and fraud.
This engagement forms part of our commitment to be a law-abiding financial institution and underscores our Here for good brand promise.
Across our international footprint of 71 markets, our staff work closely with regulators and law enforcement agencies.
We tailor our approach to individual markets, while maintaining a consistent, global control of financial crime risk.
Meanwhile, new or proposed legislation — in particular the 2010 UK Bribery Act and the Comprehensive Iran Sanctions, Accountability and Divestment Act 2010 — are driving change in the read article that we address financial crime risk.
Advances in technology, including mobile phone and Internet banking, require up-to-date counter-fraud measures to combat shifting crime typologies.
At the same time, technology enables us to refine and increase our ability to combat financial crime.
A vital component of any programme to reduce fraud and corruption is the ability for employees to raise concerns in a confidential and secure manner.
We have had a successful Speaking Up programme for several years.
A new programme has been developed for launch in early 2010 that will provide greater accessibility for learn more here through web-based messaging systems and a global free phone service in multiple languages.
As part of our commitment to best practice in anti-corruption controls, we will be extending access to the Speaking Up programme to our external service providers and vendors.
Case Study — Fraud prevention USA Our New York office is regularly approached by members of the public who have been contacted by criminals through the Internet as part of a variety of scams.
Case Study — Combating corruption in Kenya Over a six-month period, our Kenya Financial Crime Risk team trained more than 80 new investigators, with a wide range of backgrounds… From the Chairman and Group Chief Executive Our approach Basics of banking Commitments Culture and values Reporting Governance Stakeholder engagement Contributing to the real economy Access to financial services Our approach and progress Microfinance Microfinance technical assistance SMEs in Pakistan Agrifinance Islamic finance Data Responsible selling and marketing Our approach and progress Governance Voice of customer Sales process Reward Data Tackling financial crime Our approach and progress Governance Anti-money laundering Identifying terrorist suspects Combating fraud and corruption Data Our stories Promoting sustainable finance Our approach and progress Governance Equator principles Position statements Implementing our position statements Renewable energy and environmental finance Data Our stories Leading the way in communities Great place to work Our approach and progress Talent attraction and engagement Learning and development Reward and recognition Employee relations Diversity and inclusion Health and safety Data Protecting the environment Our approach and progress Governance Operational impacts Internal engagement External engagement Data Community investment Our approach and progress Living with HIV Seeing is Believing Goal Nets for Life Employee volunteering Data Our stories Underwriting Bribery: Export Credit Agencies and Corruption by Susan Hawley first published 15 December 2003 Corner House Briefing 30 30.
ECA Underwrite Bribery Summary The international community is adamant that corruption must be stopped.
It is demanding that poorer countries eradicate corruption if they want to be considered eligible for Western aid.
These agencies support many of the large, mainly Western, companies that continue to bribe their way into getting government contracts from poorer countries.
This briefing outlines measures governments export credit agencies should be taking to tighten their anti-corruption procedures.
The international community is adamant that corruption must be stopped.
It is demanding that the governments of poorer countries eradicate corruption within their countries if they want to be considered eligible to receive Western aid.
These agencies support many of the large, mainly Western, companies that continue to bribe their way into getting government contracts from poorer countries.
This bribery is taking place despite a major international convention on combating bribery signed by 34 countries in 1997 and in effect from February 1999.
They pay for it in the form of increased debts incurred for overpriced and poorly planned projects that often provide little benefit to people or country.
This briefing outlines the ongoing problem of bribery and corruption in international business, the role of export credit agencies in perpetuating this corruption, its cost to poorer countries, and what measures governments export credit agencies should be taking to tighten their anti-corruption procedures.
Companies from the UK came right in the middle.
World Bank research, meanwhile, shows that one-third 35 per cent of foreign companies operating in the countries of the former Soviet Union pay kickbacks to obtain government contracts, of which US and European companies are among the worst offenders.
Despite US anti-corruption legislation,8 42 per cent of US companies reported paying bribes in these countries, compared to 29 per cent of French firms, 21 per cent of German firms, and 14 per cent of British ones.
ECAs typically provide export finance in the form of guarantees and insurance although some also provide direct loans.
Their main purpose is to protect companies against the key commercial and political risks of not being paid while operating abroad.
They underwrite 10 per cent of global exports from large industrial countries, whose exports account for three-quarters of total world exports.
In so doing, they have, in effect, been underwriting with impunity the bribery carried out by their domestic companies.
Newly-established ECAs that have not yet qualified for Berne Union membership — of which there are currently 25 — belong to a pre-membership training group called the Prague Club, all of whose members are presently Middle Eastern, Eastern European or Third World countries.
Figures are drawn mainly from business in 2000.
It is most direct when commissions are involved.
The payment of commissions to a local agent or fixer to help win a contract has long been a legal part of business practice.
But commissions have also long been used as a means of hiding bribes.
A legitimate commission might be 2-3 per cent of the total cost of a project, paid to a local bank account of a respected local business person with no personal ties to decision-makers on the project.
A dubious commission containing a bribe, however, might be in the region of 10-20 per cent, paid into an offshore account or secret trust, or paid to a minister or official whether public or private directly involved in decision-making on the contract to be awarded.
Indonesian officials in the new government said that the way in which the contracts were won smacked of corruption, and that the power the Indonesian government had contracted to buy from MidAmerican was over-priced.
The corruption allegations have never been fully investigated.
ECAs have also pressured Southern governments to drop corruption investigations into companies that ECAs have backed.
In Pakistan in 1998, for instance, aid donors such as the World Bank and various Western countries including Britain put pressure on the government to abandon investigations into the Hubco power plant, built in Pakistan in 1997, owned by a consortium that included British energy company National Power, and backed by the ECAs of France, Italy and Japan.
The total cost of these contracts had been inflated by as much as 37 per cent on average, the contracts had not been won through competitive tender, and there were strong suspicions that they were infused with corruption.
If corruption was in fact involved, the Indonesian people ended up paying for it in the form of higher power tariffs.
Many ECAs, for instance, do not require the contracts they back to have been won through competitive tender, despite the fact http://bonus-jackpot.win/2018/philippines-secretary-of-defense-2018.html competitive tendering can be one of the surest ways for buying or importing countries to ensure that they get value for money.
Finally, a lack of transparency and accountability within ECAs themselves has fostered an institutional culture within the agencies that tacitly accepts bribery and corruption as a necessary albeit ugly means for companies to achieve their goal of winning contracts abroad.
Most still refuse to make public information about the contracts that they back unless the companies agree.
Even Members of Parliament cannot obtain this information.
The Department was set up in 1919, the first export credit agency in the world, and its original mandate was to support British exports, especially to Russia, because private banks refused to do so.
Although all industry sectors can apply for ECGD support to do business abroad, the department primarily provides support to six of them: military and defence; civil aerospace; power generation and transmission; water; energy and transport.
Only one or two per cent of ECGD support goes to education and medical projects.
Several of these sectors have some of the worst records on corruption.
According to the US Department of Commerce, half of all bribes paid between 1994 and 1999 involved defence contracts, despite the fact that arms constitute only one per cent of world trade.
It is hardly surprising, therefore, that the ECGD has been implicated in some of the worst scandals involving British business operating abroad.
In the mid-1980s, it backed the Al Yamamah deal with the government of Saudi Arabia, a deal that included the sale of Hawk and Tornado jets.
British defence companies are alleged to have either agreed to pay or actually paid commissions ranging anywhere from 5 per cent to 25 per cent of the contract price to middlemen and officials in connection with the deal.
Throughout the 1990s, there were persistent rumours of corruption.
Despite these unresolved allegations, the ECGD gave further support to aircraft and weapons manufacturer BAE Systems in September 2003 for a new contract under Al Yamamah, even though new evidence had emerged of excessive hospitality to Saudi officials in relation to the previous Al Yamamah contract that same month.
During the process of investigating the spiralling price of the contract, ODA officials urged Balfour Beatty to lower its fees for agency services for the project, which it regarded as excessive.
A UK NGO, the World Development Movement, successfully challenged the use of British aid money for this project in the UK courts in November 1994.
An institutional culture has existed within the ECGD of almost completely disregarding corruption as a serious risk factor that could undermine the viability of projects backed and could increase the costs both for UK taxpayers and for the citizens of countries in which the projects are carried out.
The Department has since introduced anti-corruption measures, but the extent of corruption involved in the projects is only now in some instances coming to light and still requires appropriate action on the part of ECGD.
In 2000-2001, for instance, the agency earned £109.
Likewise, a year later, in 2001-02, the ECGD earned £76.
So how does it break even?
The answer is that it relies on counter-guarantees from importing countries.
If the ECGD has to pay out a claim, it seeks to recover the cost from the importing country.
For ECAs in general, these recoveries now account for almost double what ECAs receive click premiums from the exporter or investor in the first place.
As a result, the ECGD, with the help of taxpayers in importing countries, has been able to make net contributions to the UK exchequer in the past few years.
As a private sector enterprise, ECGD would have to make a still higher return of about 11 per cent.
It also means that the ECGD is able to keep premium charges much lower than they would be in the private sector.
Thus while UK taxpayers may not be losing money through the activities of the ECGD, they are subsidising the activities of UK companies operating abroad by providing cut-price insurance.
ECGD ought, therefore, to be accountable to them for how it uses their money and be able to demonstrate a clear sustainable development purpose.
Subsidies to the Arms Industry Even if an export credit agency as a whole has to break even, its activities supporting particular industries are not required to do so.
Since 1990, the premiums that ECGD has earned from arms exports, combined with claims recovered, has never even approached the amount that the agency has paid out in claims to arms traders.
In fact, the ECGD has made a loss on the defence sector in every one of the last 12 years.
By failing to break even, and therefore to cover its losses, the ECGD is in effect providing a subsidy to the defence sector.
Figures provided by the ECGD or Department of Trade and Industry to Parliament illustrate the point.
Overall aggregate figures show that, for all business, premiums cover one-third to one-half of claims paid out by the ECGD.
For the defence sector, however, the percentage of claims covered by premium payments drops to between one-fifth and one-quarter.
Recoveries from the defence sector, meanwhile, have been very low.
The subsidy that the ECGD provides the UK arms industry has been calculated in other ways as well.
NGOs Saferworld and the Oxford Research Group have compared ECGD premium rates with the premiums that private lending organisations would charge to companies exporting arms.
Yet the ECGD not only applies different financial criteria to the defence export sector; it also applies different impact screening criteria.
Defence exports are not subject to the ECGD impact assessment that all other sectors go through.
This process is supposed to check whether the defence exports could lead to human rights violations, be used for internal repression or external aggression, or threaten regional security.
NGOs and Members of Parliament have been arguing on moral grounds for some years now that that the ECGD should not back defence exports at all.
Government officials and supporters of the arms industry counter by asserting that if the UK government were not to provide this kind of support, many thousands of jobs would click to see more lost and the British economy would suffer.
But analysis by the University of York Centre for Defence Economics published in November 2001 suggests that, while a halving of defence exports would lead to the loss of 49,000 jobs in the defence industry, another 67,000 new jobs would be created in the civil economy over the following five years.
It is not inherently wrong for the ECGD to provide subsidies, provided they are in the public interest.
Subsidies could, for instance, be an appropriate tool to kick-start a domestic renewable energy export market — a market that could benefit developing countries importing crucial technology and could help the UK meet its Kyoto Protocol commitments to ensure that export credit agencies support the transfer of climate-friendly technologies.
But the ECGD should not contravene its own commitments to ensure that its activities mesh with other UK government objectives on sustainable development, human rights and good governance by subsidising an industry that contributes nothing to these goals — an industry, moreover, that is generally uncompetitive, profoundly secretive and riddled with corruption.
At the very least, the ECGD should broaden its current prohibition on selling arms to the 63 poorest developing countries to all developing countries.
It should also ensure that its defence business, like its other activities, breaks even, and that the premium rates it charges for the sector are commensurate with the special risks involved in backing defence exports.
Box 3: KAFCO Fertiliser Plant, Bangladesh Three ECAs are involved in financing the Karnaphuli Fertiliser Company KAFCO Fertiliser Complex in Chittagong, Bangladesh.
KAFCO is the largest private foreign investment project in Bangladesh and the single largest industrial project in the country.
According to former KAFCO insiders, it was common knowledge in Bangladesh that KAFCO involved extensive bribery of government ministers and officials.
The government of Bangladesh granted KAFCO extraordinary concessions that were far more in the interests of the foreign investors than of the country.
For instance, Marubeni and a US trading company, Transammonia AG, secured monopoly agreements allowing them to sell all the ammonia and urea produced by KAFCO — and to charge KAFCO a 2-5 per cent commission on each sale without being required to sell the products at any minimum price.
Moreover, it is the government of Bangladesh that supplies KAFCO in the first place with gas from which the fertiliser is made — and supplies it at half the price of gas supplied to fertiliser companies in the public sector.
But strong pressure from Japan ensured that only a few revisions were made.
According to a paper produced for the government of Bangladesh in 2001, the plant was overpriced and had cost overruns of more than 26 per cent.
The project did not get a green light to proceed with production until five years after it was completed because of defective machinery that caused 37 shutdowns in five years.
The project can now run at a profit but only because of the gas subsidies it receives from the government of Bangladesh.
ECA involvement in this project shows considerable disregard for the interests of Bangladesh and for the impact that corruption can have on the design and implementation of a project.
All the ECAs involved appear not to have ensured that safeguards were built into the contract to ensure that the project would function adequately.
None appear to have taken any action concerning the corruption allegations.
Box 4: Lesotho Highlands Water Project, Lesotho The ECAs of France, Germany, Italy and the UK COFACE, Hermes, SACE and the ECGD respectively were all involved in providing export credit financing for the Lesotho Highlands Water Project, the biggest water scheme of its kind in the world, and its associated Muela and Katse dams.
Major irregularities were confirmed in early 1995 following the audit, and internal disciplinary proceedings started.
In 1999, the Lesotho government initiated civil prosecutions against Sole.
In all, nine European companies were directly supported by their respective ECAs for their involvement in the first phase of the Lesotho Highlands Water Project.
All nine companies Spie Batignolles, Campenon Bernard and Bouyge from France; Hochtief and Ed Zublin from Germany; Impregilo from Italy; and Balfour Beatty, Kier International and Sterling International from the UK were involved in two main consortia: the Lesotho Highlands Project Consortium LHPC and the Highlands Water Venture.
These payments, according to the charges laid before the court, were made via the Swiss bank account of a Panamanian company, Universal Development Corporation, controlled by an agent, Max Cohen.
In August 2003, the company lost its appeal against its conviction, although its fine was reduced by one-third.
In September 2003, an intermediary who acted on behalf of the Italian company, Impregilo, was also convicted.
In several instances, it is clear that the ECAs involved continued to give financial support to the companies concerned after the government of Lesotho had first raised its concerns about bribery.
None of the ECAs, meanwhile, have publicly taken any action so far against the companies involved.
In 1995, the top three recipients of export credits among developing and transition countries were Russia, China and Indonesia.
Yet China, Turkey, Saudi Arabia, Indonesia, Russia and Nigeria are all countries noted for high levels of corruption in business transactions and public procurement.
This conclusion would suggest that ECAs may be tacitly accepting not just poor corporate governance but also poor quality investment when they support corporate involvement in countries with corruption problems.
Supporting investments in high corruption countries involves high risks for all parties concerned.
A 1998 IMF study shows that an increase of just 0.
Companies paying a bribe aim to recover it by charging governments more for what they provide.
Corruption can add an average of 20-30 per cent to the cost of government procurement.
It diverts public expenditure away from areas such as health and education in which bribery returns may be small,72 to more lucrative sectors such as construction, defence, and oil and gas.
In the energy sector, they are affected by contracts awarded in dubious circumstances that have locked governments into paying excessively high rates for electricity, which are often passed on to the consumer in the form of higher tariffs.
Export Credit Agencies, Debt and Corruption Even more critically, the people of Southern countries often end up paying directly for ECA involvement in dubious, corrupt or economically-unviable projects.
When ECAs give backing to a company or bank, they almost always require the importing country to offer a counter-guarantee.
In the event of a default, such as if a contracting party does not pay up or if the project proves unviable, the ECA pays the affected exporter or investor, and then seeks to recover from the importing country the claims it has paid out.
These recoveries account for almost double what ECAs receive in premiums from the exporter or investor in the first place and thus represent a large slice of ECA income.
Export credit debt is charged at commercial rates of interest, not the lower rates incurred by bilateral or multilateral loans.
Between one-third and one-half of this debt is interest owed on original debts and penalties.
They may not, therefore, be as prudent in their investment decisions or as cautious in their risk assessments as they might otherwise be, particularly if they do not have to consider fully whether a project is commercially viable or not because of ECA insurance.
The substantial debt owed to ECAs suggests that this has indeed been the case.
Southern governments would have incurred far fewer debts had companies backed by ECAs made more financially viable investment decisions.
The people of Southern countries are thus paying debts incurred for some projects that have been of little or no value to either the country or its people.
Furthermore, if ECA backing for contracts includes the cost of bribes hidden in commission payments, when ECAs recover compensation from importing governments for amounts they have paid out or add this amount to official debt, ECAs are in effect requiring taxpayers of the importing country to pay for the bribes made by the exporting company.
The debt that Southern countries owe to ECAs may well include hidden millions of dollars worth of bribes.
Yet poorer countries have little choice but to use the financing facilities of export credit agencies.
Few overseas companies will operate in poor countries without ECA support.
In 2000, for instance, ECA support for exports and investment to poor countries accounted for 80 per cent of private finance to those countries.
This means that export credit agencies have a huge and disproportionate say in what projects get backed in poor countries.
Only eight per cent of overall ECA exposure is in poor countries: the vast majority of export credit goes to a few middle-income countries such as Brazil, China, Indonesia, Mexico, the Philippines and Turkey.
Public outcry over the fact that national debt is crippling many poorer countries has led to international efforts to tackle the problem.
In 1999, the countries of the G7 Canada, France, Germany, Italy, Japan, the UK and the USA agreed to write off 90 per cent or more of export credit debt owed by the poorest countries as part of international debt relief efforts.
They subsequently agreed to write off 100 per cent of these debts.
And actual debt relief has been slow in coming: four years on, only 8 out of 42 countries have become eligible for debt cancellation.
Most importantly, debt relief initiatives have not ensured that ECAs accept mutual responsibility for the bad business deals they have backed.
ECAs should immediately write off any relevant amounts from the debt portfolios of all developing countries and not just the poorest ones.
Box 5: Dabhol Power Plant, Maharashtra, India At least five ECAs were involved in the financing of the Dabhol Power Plant in India.
It also provided re-insurance in early 2000 for the involvement of a UK company, Kier International, in building a liquefied petroleum gas port terminal for the Dabhol Power Plant.
Other ECAs may well have given undisclosed investment insurance to banks on the project.
Banks from Austria, France, The Netherlands, and Switzerland, including Erste Bank, Credit Lyonnais, BNP Paribas and PSFB, are known to have lent money to the project.
The Dabhol Power Company DPCwhich built and ran the plant until it closed in June 2001, was initially a joint venture between three US energy companies: the now collapsed Enron, General Electric and Bechtel Corporation, until the Maharashtra State Electricity Board subsequently took a stake in the project as well.
In April 1993, the World Bank refused to provide funds for the plant, questioning its economic viability.
According to documents released under the US Freedom of Information Act, staff at the US Ex-Im were not convinced about the viability of the project either.
But Ex-Im came under intense pressure from the former chair of Enron, Kenneth Lay, in 1994 to provide financing.
The then chair of EXIM, Kenneth Brody, personally helped to hurry through a finance package.
The Maharashtra State Electricity Board MSEB was locked into a Power Purchase Agreement with the plant, signed in 1993, that ensured that it would pay for power even if it did not need it and even if the power was not produced by the plant.
The haste with which the project was agreed, the lack of transparency and the absence of competitive tendering resulted in a plethora of corruption allegations surrounding the project from the outset.
In May 1995, a newly elected Maharashtra government filed a court case in September 1995 against both the Dabhol Power Company and the Maharashtra State Electricity Board, alleging that bribes had taken place in the awarding of the contract and thus pleading for the contract to be declared void.
But ecas european casino industry report 2018 early 1996, after extensive negotiations with Enron, the new Maharashtra government withdrew its case and accepted a renegotiated deal for an even larger power plant than that originally planned with almost equal haste and on equally, if not more, disadvantageous terms.
By the end of 2000, power from Dabhol was four times more expensive than from domestic power producers.
The state of Maharashtra was spending more on payments for power from Dabhol than its entire budget for primary and secondary education.
It was buying power from the plant at 8 rupees per unit but selling it on for only 2 rupees.
In June 2001, the Dabhol Power Company shut down the plant after the MSEB decided not to buy any more power from it because the Company had failed to provide power at full capacity and within the time-frame agreed in the Power Purchase Agreement PPA.
But disputes between domestic lenders and the Indian government on the one hand and foreign lenders on the other have left the plant standing idle for over two years.
Most of the foreign finance is guaranteed by domestic Indian banks, while the Indian government has given a counter-guarantee for the project.
Foreign investors have been blocking ideas put forward by domestic lenders and the Indian government as to what to do with Dabhol while at the same time aggressively pursuing compensation for their investment losses.
It is not just US investors who are seeking compensation.
OPIC, Ex-Im, OND, the ECGD and any other ECA involved will seek to recover any claims they do pay out from the Indian government.
The Indian government, and ultimately the Indian people, now face a huge compensation bill for a project that has brought far more harm than good to India.
But both the foreign investors and the ECAs that backed them were extremely negligent in making their risk assessments on this project.
In consequence, they should accept mutual responsibility for the crisis now surrounding it.
Tackling Corporate Bribery and Corruption Bribery is notoriously difficult and potentially expensive to prove.
Or it requires extensive forensic auditing and investigations in various places, including offshore tax havens, to come up here sufficient evidence for a prosecution.
Companies, meanwhile, almost always hide behind the defence that the bribe was either a legitimate commission or, in cases in which the bribe was made through an agent or subsidiary, that they had no knowledge of the bribe.
Western governments are often reluctant for investigations into bribery to go ahead for fear of upsetting trade or diplomatic relations with the country in which a foreign official is alleged to have taken a bribe.
And law enforcement agencies still tend to have the attitude that bribe-giving companies are simply the victims of greedy foreigners who demand bribes — or that bribery is just the way of doing business abroad.
Yet the pursuit in the courts of companies paying bribes outside the US has been limited.
Since the FCPA came into force, there have been 32 criminal prosecutions and 14 civil enforcement actions with 21 convictions — an average of just one conviction a year.
The Convention requires each signatory country to enact national legislation making it a criminal offence to bribe a foreign public official.
The annual Bribe-Payers Index for the year 2002 collated by Transparency International shows that 42 per cent of 835 business experts interviewed had not even heard about the OECD Convention.
Several answers suggest themselves.
One reason is that no company in any OECD country has been prosecuted for or convicted of bribery since the Convention came into effect with the exception of companies in the United States.
The OECD was meant to have reviewed both compliance with the Convention and the effectiveness lake tahoe harveys concerts 2018 legislation introduced by each country by the year 2005, under a process known as Phase 2.
It poker rakeback able to review only three to four countries a year.
At this rate, it will be 2010 at the earliest before all signatories to the Convention have been assessed.
But a 2002 survey of business practice by EU firms carried out by the UK investment company Friends Ivory and Sime FISfound that while 87 per cent of companies responding to their survey did have internal codes of conduct governing bribery and corruption, less than 25 per cent had proper enforcement mechanisms within the company that would make such codes effective.
The arms deal has been highly controversial in South Africa and has been embroiled from the beginning in numerous allegations of corruption.
Allegations of impropriety have surrounded nearly every contract involved and continue to do so despite an official investigation in South Africa.
The German Frigate Consortium, encompassing Thyssen and Ferostaal, won the bid to supply corvettes despite the fact that its bid should, according to legal opinion, have been discounted during the initial evaluation process.
Offset agreements require a supplier to direct some benefits back to the purchaser in the form of work, technology, counter-trade agreements, or investment in the country.
They are widespread in the defence sector and have a reputation for raising the cost of a deal by around one-fifth; being difficult to monitor; failing to bring the benefits promised at the time of sale; and contributing to corruption.
The South African authorities are pursuing criminal charges for receipt of gifts from bidders against the South African head of the navy responsible for overseeing the corvette programme.
Shabir Shaikh of African Defence Systems is facing prosecution for corruption.
The French authorities are reportedly considering a request from the South African authorities for help with their investigation into the claims involving Thomson CSF.
It was revealed in July 2003 that Modise had enjoyed a trip to the UK at the expense of the Airborne Trust.
Allegations emerged a month earlier, in June 2003, that BAE Systems had paid a direct bribe of £500,000 to Modise and made secret contributions to ANC election coffers.
Another contractor on the just click for source, EADS European Aeronautic Defence and Space Companywhich had won small contracts for exocet missiles and radars, admitted to helping 30 South African public officials obtain cheap Mercedes Benz cars.
In March 2003, the former African National Congress chief whip, Tony Yengeni, was sentenced to four years in jail for defrauding parliament by lying about the origin of the Mercedes Benz that he had been given by EADS.
The head of EADS in South Africa, Michael Woerfel, was suspended from his post and may yet face prosecution in Germany for bribery.
In South Africa, opposition to this defence deal has emphasised that South Africa did not need and cannot afford it.
A South African NGO, Economists Against the Arms Race, is currently taking legal action against the South African government, seeking cancellation of the arms deal on the grounds that it is strategically, economically and financially irrational and therefore unconstitutional.
Some of the ECAs involved in this deal would clearly have known about the corruption allegations that arose before it was finally signed in December 1999.
None of the ECAs seem to have instigated any action or investigation against the companies involved.
This policy incoherence has led to a flurry of activity at the OECD.
From November 2002, the ECG agreed to publish a survey it had conducted since January 1998 of member country procedures to combat bribery.
The 2002 survey comprehensively covers the measures that ECAs have put in place to fulfil their requirements under the Action Statement; the procedures that they have established to deal with suspected bribery, sufficient evidence of bribery and cases of proven bribery; and details of what their actual experience with bribery has been.
But one in three of the ECAs that responded including Italy, Japan, Switzerland and the UK 106 have yet to implement the third step of the Action Statement: to make it required institutional practice to withhold support for transactions if there is sufficient evidence of bribery.
Four ECAs Korea, Poland, Turkey and the UK have made no institutional commitment not to support a company if a legal judgement of bribery has been passed against it.
The final step of the Action Statement requires an ECA to take appropriate action if bribery is proved after an ECA has click support for a transaction.
But nine ECAs one in three of those that responded to the survey, including Japan, Switzerland, the UK and the US 107 do not yet have an institutional requirement to deny compensation to companies in instances where bribery has been proven in a legal case, while two in three ECAs 21 in total 108 would not do can best ideas for business 2018 once even when there was sufficient evidence of bribery.
Over half the ECAs that responded 16 ,109 meanwhile, have not yet committed themselves institutionally to seeking to recover sums provided to the company concerned when there has been a legal judgement of bribery.
And just over one-third 12 of the 30 ECAs 110 have yet to be required institutionally to inform the appropriate national authorities if they have sufficient evidence of bribery after they have given support.
The results of the 2002 OECD survey suggest that, while almost all ECAs have instituted the simplest and least demanding requirements of the Action Statement, they have implemented only half-heartedly those measures that would actually lead to anti-bribery policies being properly enforced.
Moreover, the proof of whether any of these measures are effective or not is in the proverbial pudding.
Since December 2000, only five ECAs have taken any action on bribery.
It lacks credibility, however, and certainly contradicts US intelligence information on bribery, that the major exporting countries have come across only one or two suspicions of bribery in the past two years in their dealings with their major exporting companies.
It also seems to reflect an ongoing and deep reluctance on the part of Western governments to take bribery too seriously for fear of losing business for their country.
In addition, the OECD Best Practices document suggests that ECAs should consider making it a prerequisite for official support that a company adhere to the OECD Guidelines for Multinational Enterprises,117 apply an anti corruption company code of conduct and have won contracts to be supported through a transparent procurement process.
If accepted by ECG members in full, it could lead to much higher standards on corruption in officially-supported exports.
But the document will not be discussed by ECG members until April 2004, when some ECAs may well push for weaker measures.
The Best Practices document, however, is already weak in three areas.
The first involves its suggestions concerning agents and commission payments.
Commission payments to agents are a well-known route to disguise bribes.
Given that most ECAs directly underwrite commission payments, it is essential that they have the highest standards of due diligence concerning them.
The Best Practices document, however, suggests that details of agents and commissions, such as the amount paid, services rendered, purpose of the commission and name of the agent, should be required only when the commission represents more than five per cent of a contract.
It also suggests that ECAs should consider introducing a cap on the proportion of commission payments in a contract that they will support — a cap that Transparency International has recommended should be five per cent.
This would certainly improve existing ECA practice.
A second area of weakness, which ECAs may well dispute in future negotiations on the Best Practices document, concerns company debarment.
The threat of withdrawing future export credit support for a company for a set period of time is one of the most effective sanctions available against corporate bribery.
But nine ECAs123 say they cannot legally adopt this measure before giving support, while 13124 do not do so despite being able to when there is a legal judgement against a company.
Where support has already been given, 17 ECAs125 say they are not legally able to debar a company, while 10126 do not do so despite being able to.
In May 2000, however, the European Commission recommended that a new European public procurement directive currently under discussion include an obligation to exclude any company that has been convicted of corruption from tending for public contracts.
The EDC refused to debar the Canadian construction company, Acres, a frequent recipient of EDC support, after it had been convicted of bribery in a large-scale water project in Lesotho see Box 4.
Although the EDC did not directly support Acres on the Lesotho project, its refusal is a clear breach of the spirit, if not the letter, of the OECD anti-bribery Convention.
How ECAs respond to bribery convictions in Lesotho, in particular, whether they debar poker 2018 tilt full news companies convicted, irrespective of whether they were direct recipients of official export credit support or not, will be a crucial test of their willingness to tackle bribery.
ECAs are in most instances backed by public money; it is essential, therefore, that they operate to the highest standards of transparency.
Transparency International recommends that ECAs disclose publicly the name of applicants, amount applied for and country to which goods or services are to be sold at the time of application.
Between 2001 and http://bonus-jackpot.win/2018/formula-one-uk-tv-coverage-2018.html, for instance, 62 per cent of companies supported by the German ECA, Hermes, did not consent to disclosure.
Besides disclosure of projects, ECAs should be encouraged, both through the OECD and at a national level, to make an annual disclosure of how many allegations of bribery they have received, and what action they have taken on them.
Only if ECAs are more transparent in how they deal with bribery allegations can they be genuinely accountable to the public and the international community for their anti-corruption procedures.
Conclusion ECAs are central to efforts to combat corporate bribery worldwide.
They operate at the coalface of exporter behaviour abroad, and thus have enormous power to influence the companies they support.
They have the power to determine the quality of investment that Southern countries receive and whether Southern countries will be saddled with debts for unviable or unproductive projects.
They also have the power to influence whether companies will exacerbate corruption problems around the world, or be part of the solution.
In an era of increasing international commitments to eradicate corruption,131 ECAs can no longer afford to support their domestic businesses at any cost.
They are slowly beginning to take note of their responsibilities, but it seems that only under sustained pressure from NGOs, Parliamentarians, the press and the public, both at a national and international level, will real and lasting changes come about.
ECAs can and must be held accountable to those that help pay their bills: ordinary people in the Ecas european casino industry report 2018 and in the South.
The US government, as the only government that had legislation the 1977 Foreign Corrupt Practices Act actively prohibiting bribery of foreign public officials until the 1997 OECD anti-bribery Convention, has monitored bribery in international contracts on a regular basis for many years, not least to assess how much business it loses as a result of its legislation.
But it concluded that it was too early to say whether this drop was a one-off dip from the annual average of 60 reports or a result of the OECD anti-corruption Convention.
The OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions was signed by all 30 OECD countries as well as four non-OECD countries Argentina, Brazil, Bulgaria and Chile in 1997 and came into effect in February 1999 after six of the major OECD countries ratified it.
The Convention now has 35 signatory countries Slovenia signed in late 2001of which 34 have ratified it.
It provides a forum for discussion on economic and social policy issues for governments, as well as producing research, policy papers, and international treaties and agreements.
It requires companies to keep accurate and detailed accounts reflecting all transactions.
But it specifically excludes facilitation payments.
They also include political risks such as civil disturbances or actions by overseas governments affecting performance of the contract, or political, economic or administrative events occurring abroad that prevent payment.
While the terms of loans supported by ECAs to developing countries are similar to commercial terms, ECAs generally provide cover for larger sums, longer periods and for higher risk countries than the private sector is willing to do.
Like the private sector, they charge companies a premium, but premium charges have generally been low, and income from premiums has only ever covered a portion of the losses made by ECAs.
Historically, ECAs have operated at a loss, paying out far more in claims than what they have received in the form of premiums and recoveries on claims.
The Subsidies and Counterveiling Measures SCM Agreement of the World Trade Organisation requires ECAs to break even in the long-term in order to eliminate any subsidy that their support might provide.
The 1978 OECD Export Credit Arrangement see below sets minimum premium rate benchmarks below which ECAs cannot charge except for military equipment and agricultural products that are exempted from the agreement.
The OECD Export Credit Arrangement is an informal agreement among OECD members with export credit agencies that provides a framework for medium- to long-term officially-supported export credits.
The Arrangement is intended to avoid an export credit race in which export credit agencies seek to provide the best possible terms for their domestic companies.
It does this by setting minimum interest rates to be charged and maximum repayment periods, and by harmonising country classification.
The Arrangement is policed through peer pressure and self-regulation.
It has, however, subsequently been adopted in law via the EU and is therefore legally binding for EU countries.
OECD Export Credit Group members are now required to inform the group of all export credit transactions with HIPC countries that are monitored annually.
These include proposals that projects should be screened for environmental impact and classified according to potential impact; that projects should be benchmarked against international standards such as those of the World Bank; and that there should be disclosure of information to relevant stakeholders.
The proposals have been criticised, however, as being too weak, too reliant on host country legislation and for not being binding.
The US delegation to the OECD Export Credit Group voted against the proposals because it considered them to be too weak.
Businesses rarely disclose such payments, or indeed company guidelines on commission payments, because they regard them as commercially confidential.
Scandals over large commission payments in the Middle East, particularly for defence equipment, have led to most Middle Eastern countries introducing laws on disclosure of commission payments or, in the case of Bahrain, seeking to phase out commission payments altogether www.
An ICC manual on corruption and bribery, meanwhile, states that companies should beware of paying commissions in a third country, to a numbered bank account or to another person other than the agent, and of paying commissions either in advance of or immediately upon award of contract Davies, M.
BC Hydro subsequently sold its share in Raiwand at a significant loss.
The Global Forum on Fighting Corruption brings together government ministers responsible for controlling corruption and experts from all over the world.
It was initiated largely by the US government.
The first Forum was held in Washington, the third in May 2003 in Korea.
The Export Credit Guarantees Department is a free-standing government department, which is not answerable to the UK Parliament directly, but rather indirectly through the Secretary of State for the Department of Trade and Industry.
The bulk of military cover is for aircraft 58.
The scheme is primarily designed for projects in Africa, the Caspian Area and the Middle East and for those in the oil and gas, petrochemical, mining, telecommunications, and airport and port construction sectors.
Projects under this scheme must be financially viable, generate hard currency, use escrow accounts special bank accounts in which money is held to pay for taxes, premium on insurance and other ongoing costs on timeand have majority private sector ownership.
So far, UK company involvement in the Blue Stream Gas Pipeline between Russia and Turkey; in a £1.
It was abolished by the New Labour Government in 1997.
The Index ranks countries from 1 the least corrupt to 102 the most corrupt according to surveys that assess the perception of the degree of corruption in each country by business people, academics and risk analysts.
The top country, which is perceived to be the least corrupt, has consistently been either Finland or Denmark.
A country must have at least three surveys to draw on before it can be included in the list.
XX, Anti-Corruption Policy: Description and Answers to Frequently Source Questions, Manila, Philippines, 1999.
The Union is loosely modelled on the European Union and states that one of its main goals is to promote democratic principles and institutions, popular participation and good governance.
The health and education sectors are by no means corruption free even when in state hands.
But contracts tend to be smaller than in sectors such as construction, defence, and oil and gas; in these areas, the size of the contracts means that the addition of a few million dollars to cover the cost of a bribe is less likely to attract attention.
See also Hawley, S.
Bilateral debt is government-to-government debt.
Private debt is owed to commercial banks and other private creditors.
Multilateral and bilateral ecas european casino industry report 2018 usually incurs far lower interest rates than other types of debt.
Often overseas companies or governments have been able to repay British companies in local currency by depositing money into a local bank, only to run into the obstacle that the bank is unable to convert the local currency into sterling or US dollars.
Export credit agency activity can thus lead to a balance of payments crisis for the borrowing country and macroeconomic instability.
See also Harman, J.
Under these programmes, countries must prove that they are implementing a poverty reduction strategy, as well as continuing structural reforms such as liberalisation and privatisation.
In practice, this means that the World Bank and IMF will cancel only around 35 per cent of the debts owed to them by these countries.
When the HIPC Initiative was first introduced in 1996, however, 19 out of 38 countries were to have received substantial debt cancellation by the end of 2002.
The HIPC Initiative has been heavily criticised for being too slow and too miserly.
This criticism has been acknowledged by the Operations Evaluation Department of the World Bank.
Companies now are as likely to pay for the medical or educational expenses of a relative, or lend the company credit card to the foreign public official as to make a direct payment.
In 1988, amendments to the FCPA made under the Reagan administration weakened its force by raising the threshold for prosecution and redefining facilitation payments in a looser way.
The fact that no other country had similar legislation has also effectively undermined political will by successive administrations to enforce the FCPA with much rigour.
Ironically, US actions may be exacerbating the need perceived by companies based elsewhere in the world to bribe.
US companies are also able to rely on the US government exerting heavy political pressure to win contracts for them.
In some instances, the US has threatened to sever diplomatic links with a country and even development aid if it does not award a contract to a US company.
In 1995, the US government threatened to cut off aid to Mozambique if its government did not award a contract to Enron for constructing a natural gas pipeline Clifford, M.
In Uganda in 1999, the US Secretary for Trade, Denis William, warned that US-Ugandan relations would be damaged if legislation that would enable a US company to build a dam in the country was not enacted Nganda, S.
There is some suggestion that some European and Asian companies feel that the only way they can compete against this political pressure is to resort to bribery.
Bribery is prohibited not just in procuring orders but also in regulatory proceedings including those involving environmental permitstax and customs matters, and judicial proceedings.
The top emerging market countries are Brazil, China, India, Indonesia, Mexico, Poland, South Africa, South Korea, Taiwan and Turkey.
Phase 1 monitoring assesses whether the legislation passed in each country to implement the Convention was adequate.
By the end of 2002, all 31 countries that had introduced legislation had been reviewed, three countries Brazil, Chile and Turkey had yet to put such legislation in place, and Slovenia was yet to be reviewed.
Phase 2 of monitoring, which began in November 2001, assesses enforcement of the implementing legislation.
Juries are able to infer a shared corrupt intention between an agent or subsidiary and the company.
But it is exceptionally hard for the prosecution to provide hard evidence of such a shared intention.
Under the US Foreign Corrupt Practices Act, meanwhile, a US business can be prosecuted for bribery carried out by a third party on its behalf only if it can be proved that the company might reasonably have known that the third party was going to make a corrupt payment.
That knowledge is exceptionally hard to prove if the company denies it vigorously enough.
This survey is a working document and is continually being updated.
The Sanctions Committee meets regularly to review investigations and to debar firms found guilty.
In December 2002, there were 78 companies on this list, 36 of them British.
They provide voluntary principles and standards for responsible business conduct in a variety of areas including employment and industrial relations, human rights, environment, information disclosure, competition, taxation, and science and technology.
See 118 Canada, Germany, Hungary MEHIBHungary EximbankItaly, Japan NEXIKorea KEICKorea EximbankMexico, Poland and Sweden.
The US response to the survey is curious given that, under its new mandate of June 2002, Ex-Im, is required to hold a list of and debar for three years all companies that have violated the 1977 Foreign Corrupt Practices Act or other named legislation.
End Note This briefing was written by Dr Susan Hawley, a research consultant who has been working on issues of corruption for several years with The Corner House.
It is an edited extract of her report, Turning a Blind Eye: Corruption and the UK Export Credits Guarantee Department, published in June 2003 by The Corner House.
Printed paper copies also available.
Hawley is the author of Exporting Corruption: Privatisation, Multinationals and Bribery, Corner House Briefing 19, June 2000.
Who Guards the Guards?
TIME Asia story, AUGUST 23-30, 1999 VOL.
His screensaver depicts hungry sharks circling their prey—a wry metaphor for the Indonesian Bank Restructuring Agency.
Until recently, IBRA was a rare fish in Indonesia, an institution seemingly free of corruption and symbolic of a new, more professional Indonesian way of doing business.
IBRA deputy chairman Pande Lubis was suspended from duties after being accused of helping siphon funds from an institution under his care, PT Bank Bali.
The 59-year-old Lubis, an associate of senior Golkar officials, including President B.
The party insists it is innocent.
The rupiah lost 12% of its value last week, the Jakarta stock market half that.
Meanwhile, work inside IBRA has been paralyzed by a series of investigations into the affair.
IBRA has an Indonesians-first divestment policy though few buyers at home, which would make it a happy hunting ground for foreigners—if they could trust the system.
Still, the agency seemed to be getting some good work done.
Ironically, it was a new transparency in the system that unearthed the scandal.
Although our presence in the country is relatively small compared with its population and size, we have one of the longest histories of any bank operating in Indonesia.
Read our impact report What next?
The findings of this study also provided us with ideas for how to stimulate sustainable economic development going forward.
For example, the report highlights ways in which we can work more effectively with corporate borrowers to help them strengthen their competitiveness in world markets.
By offering trade finance and services that support Indonesian companies, as they seek to explore foreign markets, we can help support and promote economic growth.
About our report We commissioned this report to gain an understanding of our economic impact in Indonesia.
We hope that its findings will help to inform our future strategy, both in Indonesia and elsewhere.
Fadjariawan and Ibu Aisyah Sukantowere were in bed when a dull rumbling noise awoke them.
But when their neighbors came screaming to their doorstep, they joined the panicked flight to safer ground, grabbing only their 8-year-old daughter Afira and a few possessions.
They were lucky to have escaped what turned out to be a man-made rather than a natural disaster.
The May 29, 2006 blowout of the volcano Lusi short for Lumpur Sidoardjo unleashed more than 1 million cubic meters of liquid mud that inundated four villages, killing almost 100 people, and sending almost 12,000 villagers for medical treatment, some for burns, and many more from the toxic effects of hydrogen sulfide gas.
The river of mud destroyed lives and livelihoods, permanently displacing at least 11,000 people and closing schools, factories, mosques, churches, and many shops in the area.
The subsequent explosion of a gas pipeline that collapsed under the pressure from the mud stream killed 11 more victims.
With anybody that might help to get us out of this situation, for it looks like we live in hell.
But Bakrie, whose family firm controls the oil and gas company PT Lapindo Brantas, had reason to cling to this explanation.
His company had been drilling for gas in the area of the blowout.
Company Disappears At the time of the blowout, PT Lapindo-Brantas was a subsidiary of PT Energi Mega Persada, or EMP, part of the Bakrie Group and the holding company of PT Lapindo-Brantas.
EMP owns a 50 percent share, Medco Energi International has 32 percent, and Santos has 18 percent.
Faced with clear evidence that it was responsible, and escalating liabilities, Lapindo took another track.
Four months after Lusi blew, PT Lapindo-Brantas ceased to exist.
Yet we are responsible for all that has happened.
However, the other Bakrie companies should not be held responsible for the Lapindo problem.
The contractor is tied to a revenue-sharing agreement with the government.
So, if we incur losses, should Lapindo be the ecas european casino industry report 2018 one to bear the burden?
We want some clarification.
This intertwining of business and politics is a common feature of Indonesian life.
Aburizal Bakrie, the minister, shares ownership of the Bakrie Group learn more here his younger brothers.
Although the businesses suffered serious financial setbacks during the Asian economic crisis of the 1990s, a restructured management, capital and share ownership, and a close friendship with the Suharto family have helped it make a comeback.
Since then, Lapindo has become active in agriculture, real estate, trade, shipping, banking, construction, insurance, manufacturing, media and mining.
Their current holdings include the PT Bakrie plantations, Bakrie Kaisei, Bakrie Electronics, the Bali Nirwana Resort, and a 20 percent share in Arutmin coal in East Kalimantan.
After the Lusi disaster the group is trying to project a new image, focusing on its core business, and attempting to lure overseas rather than local investors.
Scientists Weigh In While the Bakrie family distances itself financially and legally from Lapindo, scientists hold the drilling company responsible for the blowout.
After studying the area on the ground and through satellite imagery, scientific and engineering studies ruled out the earthquake as the cause of the disaster.
The GSA Today, and U.
They concluded that the blowout of the mud volcano was not so much an accident as the predictable result of incompetence, negligence, or both.
British scientists cited in New Scientist magazine called the seepage of mud and water a preventable hazard.
Since it is not unusual for mud volcanoes to result from drilling operations, international companies warned Lapindo years ago to take extra care when drilling in the geologically unstable region.
Eddy Soedjono and Dr.
Agnes Tuti, researchers at the nearby Surabaya University, the company could have averted the disaster by protecting the drilling hole with a steel casing.
While the quarreling is continuing the people suffer.
A layer of mud, rising 20 meters high in the worst hit places and covering rooftops, is growing daily around the center mouth of the eruption.
Researchers fear that much of the 25 square mile area around the current mud-pool will ultimately collapse.
Government efforts to divert or bottle up the mudflow have failed.
In February and March, engineers dropped around 800 half-ton-each concrete balls linked to steel cables into the mouth of the eruption.
The plan failed twice, as did the construction of emergency embankments and dykes that the mud soon breached, burying more homes.
Another scheme underway is using heavy equipment to divert the mud into pipes that eventually expel it into the Porong River seven miles away.
Engineers had hoped the river would be strong enough to transport the mud to the Java Sea 50 miles upstream.
But hundreds of dead fish are turning up in the river and fishermen are claiming that their livelihoods are threatened.
The Bakrie Group has announced that it will not cancel the Lusi project, but will probably support local philanthropy through a foundation modeled on those formed in the United States by the Ford, Gates and Rockefeller families, where the company management is legally distinct from the foundation trustees.
Meanwhile various government, corporate and citizen groups have tossed out figures about how much compensation should be paid and to whom, and how that compares to what has actually been handed out.
In December 2006, Yudhoyono ordered Lapindo to pay 3.
Some officials estimate that the costs could be double that amount.
But Yudhoyono did not say whether Australia-based Santos and Medco Energi would have to share the burden.
It remains unclear how Lapindo determined the amount of the payments, or if it will offer more money in the future to help the families restart their lives.
But many locals say they have received nothing but a distribution of three meals a day, which invariably consists of nasi goreng — fried rice — with fish or chicken and vegetables.
Sudarto and the other 3,200 victims in Porong want Lapindo to buy their land so they can rebuild elsewhere.
As fresh hot mud spreads daily, the number of volcano refugees mounts, with many forced to live in homemade tents or in refugee camps set up in covered markets.
When a similar levee broke recently at Besuki, a small town with 5,000 inhabitants, the houses filled slowly but oak 2018 silver with unstoppable mud.
Some prepare for a hastily organized mass demonstration in Surabaya, the district capital.
They will go there on their motorbikes to ask relief from their desperate living conditions and try to pressure the local government, the company and central authorities in Jakarta to do the right thing.
From time to time groups of angry, desperate residents visit the offices of Lapindo that lie abandoned halfway between Surabaya and Sidoardjo.
Security guards stand vigil over the empty building as protesters demand satisfaction, answers, compensation.
A meal is not enough — what about homes, jobs, schools, churches, ask some.
Recently, the company tried to placate the continuous protests by ordering their spokesperson, Asip, to distribute a brochure highlighting the lighter side of mudflows.
The brochure compares Lusi to a sexy and very well-dressed young woman: fun to watch and talk to.
It also informs the public ecas european casino industry report 2018 mud volcanoes are all over the world, even in the U.
There is also a photo display showing enthusiastic tourists viewing the disaster.
source is the love story about a young man and a woman on the run for the mudflow who fall in love.
It is furnished with a few mattresses, a fan, a television, and some small pots and pans.
The family motorbike sits out front not far from the gutter from which they draw water for washing the clothes drying in the hot air.
Fadjariawan says that the fried rice from Lapindo is not even sufficient nutrition.
Some people are showing symptoms including hair loss and skin rashes that could be caused by malnourishment or the lingering effects of the poisonous hydrosulfide released with the mud stream.
The effects of the low levels of mercury released have yet to be assessed.
Exhaling fragrant smoke from clove-flavored kretek cigarettes, he recalls the blowout and counts himself and his family as lucky to have survived.
One family he knows did not react quickly enough.
Their daughter is now in a hospital with severe burns.
Surveying the devastation, his eyes fill with tears he does not wipe away; his voice is thick with emotion.
The stench of link gas is almost unbearable.
And not bad for a peasant boy born in 1921 in Kemusuk, a small Javanese village, during Dutch colonial control.
In 1954, he took a new job in Semarang, on the north coast of Java, only a three-hour drive from his military base in Jogjakarta.
It thrust the 33-year-old Javanese officer into a totally different world.
Before the 1954 promotion, Suharto had been a field commander.
Now, as head of the Diponegoro military command in Semarang, his immediate job was not to lead military operations, but to feed the thousands of troops under him.
His new division consisted of an assortment of thugs and soldiers, bandits and militias.
And like most post-independence armies, it was poorly funded.
If Suharto was to succeed in the new Indonesia that was emerging after World War II, he would have to find ways to keep the army in food and equipment.
He looked to the example of his wife, Siti Hartinah.
Although she came from Javanese aristocracy, she was supporting the family, which already had three young children, with the small garment trade she had started.
Suharto, too, turned to business — mainly smuggling such consumer goods as sugar and rice between Singapore and Java.
He defended running a business out of the army as essential to feeding his men.
Key to his operations from the start were two men who would remain his business associates for almost half a century.
Suharto also befriended sportsman-cum-businessman Bob Hasan, whose godfather was an army general.
The relationships were mutually beneficial.
Suharto used his troops and position to protect the lucrative smuggling; Liem and Hasan helped supply the troops and provide Suharto with business opportunities.
According to George J.
In 1956-1957, his Diponegoro operations came crashing down.
Suharto was found guilty of smuggling, and army head Colonel Abdul Harris Nasution tried to remove him.
Army headquarters defused the scandal by sending Suharto to an officer-training program in Bandung, in West Java.
Within two years, he bounced back, won another promotion, and took command of the Kostrad army reserve in Jakarta.
He bought his business partners along with him to Jakarta.
Suharto knew of the plan in advance since most of the kidnappers were his Diponegoro colleagues.
They reportedly planned to bring the generals, including Nasution, who had allegedly planned a coup, to face President Sukarno.
The next day, Suharto decided to move against his former colleagues.
The ensuing maelstrom of violence killed three million people between October 1965 and March 1966, according to one of his officers, Major General Sarwo Edhie Wibowo.
He sidelined Sukarno and ruled the country with an iron fist for the next 30 years.
Human Rights Suharto has been accused of a wide variety of human rights abuses.
In 1975, he ordered his troops to invade East Timor.
The estimated death toll included up to 200,000 East Timorese, 100,000 in West Papua, and tens of thousands more in Aceh, Lampung, Tanjung Priok, West Kalimantan and elsewhere.
Even while partnered with Liem and other Chinese tycoons, he systematically discriminated against the Chinese minority in Indonesia.
He was a business-minded one.
Between 1971 and 1972, he and Liem set up giant wheat flour manufacturing plants.
When the economy boomed in the 1970s, along with increased oil prices, Suharto ordered his U.
But from the 1980s, the recipients of the charity also included Suharto and his cronies who invested the money in dozens of companies.
Later, his economic ministers issued regulations that granted monopolies to favored companies.
Liem won government contracts to supply wheat flour and cloves.
The family owned shares in large companies, including in the cement and fertilizer industries, toll roads and oil palm plantations.
Supersemar, Dharmais and Dakab also own shares.
The middle son, Bambang Trihatmodjo, established ties with the army-owned Kartika Eka Paksi Foundation, and shared ownership with Hasan in his international timber corporations.
The youngest son, Hutomo Mandala Putra, also linked up with a Hasan operation, Sempati Airlines.
Demands For Prosecution By the time Suharto finally stepped down from power in May 1998, he was facing street protests and the Asian economic crisis.
The value of the Indonesian rupiah against the American dollar fell from 2,300 to 10,000.
Many civil society organizations demanded that his successors prosecute Suharto and his cronies for criminal corruption.
The family was protected not only by its vast wealth, but also by the network of cronies that also benefited from the Suharto fortune.
Michael Backman, a researcher and business analyst in Asia, once calculated the Suhartos owned 1,247 companies.
Time magazine researched land ownerships and reported the Suharto family, on its own or through corporate entities, controlled some 3.
That includes 100,000 square meters of prime office space in Jakarta and nearly 40 per cent of the entire East Timor.
No one knows how exactly much wealth the Suhartos accumulated.
Family lawyers and children repeatedly denied allegations of vast wealth and Sofyan Wanandi, a businessman once closed to Suharto, said that the family had lost much of its fortune because of mismanagement and the weakened rupiah.
In 1999, Suharto filed a lawsuit against Time magazine for defamation.
Time and its reporters refused to pay.
A family lawyer, Juan Felix Tampubolon, told the London-based Financial Times that he had no idea how rich the Suharto children were.
There are newspaper clippings but no proof.
The United Nations and the World Bank quoted this research when they launched an international campaign last year to help governments recoup state assets stolen by previous regimes.
Efforts To Regain The Wealth Over the years there have been repeated efforts to recoup the money that critics claim Suharto stole from his country.
But even from beyond the grave, Suharto wields influence and loyalty.
Like most Indonesian leaders, Yudhoyono was a Suharto crony.
And like his predecessors in office since 1989 — B.
Habibie, Abdurrahman Wahid, and Megawati Sukarnoputri — he was unlikely to be able to retake the stolen assets.
Vice President Jusuf Kalla, who repeatedly asked for a pardon for Suharto, owned businesses that thrived during the Suharto rule, according to Rachman.
Kalla is currently chairman of the Golkar Party whose chief patron was Suharto.
And hundreds, perhaps thousands, of military officers, politicians and business leaders remain loyal to the family.
Suharto was never prosecuted.
The public reason was that in 1999 doctors declared him too unhealthy to stand trial.
Only one family member, Hutomo Mandala Putra, nicknamed Tommy, was prosecuted for corruption.
He was convicted but acquitted on appeal.
He is now facing a civil suit as part of a government bid to recover millions of dollars from Garnet Investment Limited that has been frozen by BNP Paribas.
Tommy also spent four years behind bars for hiring hitmen to kill Supreme Court Judge Syafiuddin Kartasasmita.
The judge had convicted Tommy for corruption and illegal possession of weapons.
Working with many business partners, the military has provided paid services, marked up military purchases, and invested in hundreds of companies.
Today Suharto is dead, Liem is living in Singapore, and Hasan is semi-retired in Ecas european casino industry report 2018 where he plays golf.
But the business model the three partners built in Semarang in the 1950s endures and still forms the pillars of the Indonesian economy.
Alstom, a French engineering company, has been accused of bribing Indonesian officials to win a lucrative contract to build coal power plans in Sumatra.
Frederic Pierucci, a French employee of the company, was arrested and David Rothschild, a U.
Pierucci and Rothschild allegedly conspired to pay bribes to PLN executives as well as to Izederik Emir Moeis, a member of the Indonesian parliament from the Partai Demokrasi Indonesia Perjuangan Democratic Party of Struggle.
Department of Justice says in a press release.
I cannot even recall their identities now.
And in 2010, court hearings revealed that Emir had asked another politician to give out 9.
Alstom has also been accused of paying bribes in the past.
Department of Justice with conspiring to violate the Foreign Corrupt Practices Act FCPA while David Rothschild, a former vice president of sales for the U.
Separately Eddie Widiono Suwondho, the former president director of PLN at the time the bribes were paid out, was sentenced last March to five years in jail for selecting PT Netway Utama to provide a computerized customer information system without proper competition, resulting in estimated losses of 46 billion rupiah.
Lawsky alleged the British lender failed to catch millions of higher-risk transactions that should have triggered further investigation.
As well as the monetary penalty the bank agreed to keep on for a further two years an independent compliance monitor appointed by the regulator and to make enhancements to the transaction surveillance system at its New York branch.
It will also suspend dollar clearing operations for high-risk retail business clients of SCB Hong Kong and start abandoning high-risk small and medium business clients at SCB UAE.
The New York branch will not, without the prior approval of the DFS, open a US dollar demand deposit account for any customer who does not already have such an account there.
The report found that one Standard Chartered executive caustically dismissed concerns from a US colleague about dealings with Iran, one of a number of countries under American sanction.
In August 2012, chief executive Peter Sands agreed to settle the charges while insisting that the bank had committed only minor breaches of the rules.
The alleged lapse in anti-money laundering controls was detected by Ellen Zimiles, the independent monitor installed as part of the 2012 settlement.
please click for source when Zimiles, an authority on anti-money laundering programmes at Navigant Consulting, gathered information and attempted to test the SCB Rulebook she found it contained numerous errors and other problems.
As a result, said the DFS, SCB failed to identify high-risk transactions for further review.
The group has already begun extensive remediation efforts and is committed to completing these with utmost urgency.
The indictment alleges corporate executives paid bribes and kickbacks to FIFA officials in exchange for the media and marketing rights to tournaments in North and South America.
According to the DOJ, most of the major continental tournaments in the Concacaf North America and CONMEBOL South America regions in the last 20 years were associated with bribery.
It also contains some allegations related to the 2010 World Cup and 2011 FIFA presidential election.
Warner organized a special meeting of Caribbean soccer officials in Trinidad and Tobago before the FIFA presidential election in 2011.
At the meeting, FIFA presidential candidate Mohamed Bin Hammam identified in the indictment as Co-Conspirator 7 talked to the meeting and said he wanted their support.
After agreeing to sell the rights to the 1993, 1995, and 1997 Copa Americas to the company Traffic Brazil, former CONMEBOL president Nicolás Leoz allegedly refused to show up at a ceremony to sign the contract.
Leoz took bribes from Hawilla until the company lost the Copa America rights in 2011, the DOJ alleges, by which time his payments had ballooned to the seven figures.
Traffic Sports USA, Inc.
I reiterate that I am innocent of any charges.
Their full statement: FIFA welcomes actions that can help contribute to rooting out any wrongdoing in football.
The Swiss authorities, acting on behalf of their US counterparts, arrested the individuals for activities carried out in relation with CONCACAF and CONMEBOL business.
The authorities are taking the opportunity of the FIFA Congress to interview those FIFA Executive Committee members who are not Swiss residents who voted back in 2010 and are still in office.
FIFA is fully cooperating with the investigation and is supporting the collection of evidence in this regard.
As noted by the Swiss authorities, this collection of evidence is being carried out on a cooperative basis.
We are pleased to see that the investigation is being energetically pursued for the good of football and believe that it will help to reinforce measures that FIFA has already taken.
Read the entire indictment for yourself here.
They include Barclays, JPMorgan Chase, Bank of America, HSBC, Citibank, Standard Chartered, and UBS.
Huge sums, often in the hundreds of thousands and sometimes millions, were transferred to and from accounts held at these banks, according to the indictment.
Bank of America, Barclays, HSBC, Standard Chartered, and JPMorgan all declined requests to comment from Business Insider.
If she thinks they did, the banking industry could be dragged into yet another scandal.
Crystal Jade in turn is a portfolio company of Singapore-based private equity firm L Capital Asia that is sponsored by LVMH Moët Hennessy Louis Vuitton.
In October 2014, Standard Chartered Private Equity Limited had acquired 3.
Their investment will further strengthen the resources available to allow full exploitation of the tremendous growth opportunity for Crystal Jade.
We are delighted to join L Capital Asia — with whom we have had a very successful association — and look forward to building a great company together.
As part of the transaction, the company will be appointing Greg Karpinski as executive chairman of the MAXpower Group, and he is expected to take up the role by the end of July 2015.
Karpinski is currently managing director at Standard Chartered Private Equity.
PT MAXpower Indonesia, unit of MAXpower has won two competitive tenders to supply 40 megawatt MW of total capacity PT Perusahaan Listrik Negara PLNthe state-owned electricity producer.
The second project, located at Tarakan, East Kalimantan to generate a capacity of 9MW.
The government has recently implemented new targets to increase gas-fired power production by 11,000MW in the next four years to meet the fast growing local demand for electricity.
In October 2014, SCPE had acquired 3.
Lord Justice Leveson, sitting at the High Court, said he would approve the agreement involving Standard Bank, which had failed to prevent bribery in a Tanzanian subsidiary between June 2012 and March 2013.
The case is also the first prosecution for the SFO of a company under the 2010 Bribery Act.
The deal marks a UK milestone: it is the first of its kind to strike a new form of plea deal in order to avoid prosecution, a tool that is commonly used in the US.
click DPA is a court-approved deal where a company admits wrongdoing, pays a fine and agrees to various other compliance measures.
The tool was introduced to the UK last year.
The court was told that by the end of August 2012, the structure of the deal had changed and two executives from ST Bank brought on board a local partner — EGMA — that had close connections with the government of the African state.
The bank raised fees on the deal mandate by 1 per cent to 2.
He singled out Bashir Awale, former chief executive of ST, and Shose Sinare, former head of investment banking who brought in EGMA.
Mr Awale was later fired and Ms Sinare resigned from the bank in 2013.
Sir Edward said if the two had been based in this country they would have been liable for the offence of bribery itself.
However the bank was being fined for its failure to prevent these individuals committing bribery.
It noted the SFO does not allege that anyone in the bank knew of the intentions of the two ST employees.
Sir Edward said the bank had co-operated and conducted its own internal investigation using Jones Day, the law firm.
Standard Chartered Said to Tell U.
Department of Justice about allegations of bribery involving MAXpower Group Pte, an Indonesian power company in which its private-equity division is a minority shareholder, according to a person familiar with the matter.
Peter Carr, a Justice Department spokesman, declined to comment.
Piers Townsend, a Standard Chartered spokesman in Singapore, declined to comment.
MLex, a regulation-focused news service, reported earlier on the alleged bribery at MAXpower, saying the Indonesian company may have made payments to Indonesian government officials in violation of the U.
Foreign Corrupt Practices Act, which prohibits bribery of foreign officials.
The bank has been enhancing its controls on money-laundering, bribery and other offenses since then.
After the discovery of the alleged bribery last year, Standard Chartered removed the founding board members at MAXpower and installed its own directors with the intention of turning the company around, said the person.
Greg Karpinski, a former Standard Chartered Private Equity executive, was appointed chief executive officer and executive chairman in September, according to his LinkedIn profile.
Standard Chartered Private Equity holds a direct equity stake in MAXpower of about 5 percent, as well as other interests through a fund and structured equity financing, the person said.
Regulatory oversight is only getting stricter and Standard Chartered, in particular, has a lot of ground to recover.
All banks are spending more on risk controls.
It faces a more hawkish regulator at home, in particular the U.
Under those rules, executives could be thrown in jail for failing to spot serious misconduct on their watch.
Discount Value Standard Chartered trades at a steeper discount to book value than many of its peers Standard Chartered trades at a steeper discount to book value than many of its peers.
He cited undisclosed investments in unlicensed peer-to-peer lenders, money-lending among staff and over-indulgent expenses claims as example of rule-breaking.
Or is this a positive sign the lender is through the worst of its compliance woes?
That covers more than 150 different potential cases that could lead to bonuses being clawed back, according to the company.
This column does not necessarily reflect the opinion of Bloomberg LP and its owners.
Singapore authorities have been investigating various 1MDB-related fund flows through the island nation for possible money laundering, securities fraud, cheating, and other offenses committed in the city.
Bank accounts belonging click at this page various people were seized and dealings in properties click the following article to them curtailed, it said.
They have to be sure of their legal basis.
The regulator said in May that it is closing the Singapore unit of Lugano-based BSI for breaches of money-laundering rules in relation to its 1MDB probe.
In its statement on Wednesday, the regulator also said: It had completed its inspections of DBS, Standard Chartered and UBS and is finalizing its assessment.
The alleged scheme of money laundering and misappropriation tied to the Malaysian investment firm stretched from 2009 to 2015, the US Justice Department said Wednesday.
Kerviel has consistently maintained that bosses at the French bank knew what he was doing all along.
Mark Johnson, global head of foreign exchange cash trading in London, was reportedly arrested on Tuesday.
He will appear before a federal court in Brooklyn on Wednesday charged with conspiracy to commit wire fraud, Bloomberg said.
The LuxLeaks revelations sped beyond Luxembourg, causing European Union regulators to expand a tax-subsidy probe and propose new laws to fight corporate tax dodging, while EU lawmakers created a special committee to probe fiscal deals across the 28-nation bloc.
The Libyan Investment Authority sovereign wealth fund is suing Goldman Sachs for inappropriately coercing its naïve staff into giving its sovereign wealth fund cash to the bank to invest in products they did not understand.
The products were designed to generate big profits for Goldman, the LIA claims.
MPs on the Business, Innovation and Skills Committee asked Mr Topp about a £1.
The company founder said that workers were paid less than the statutory minimum because of bottlenecks at security in an admission that could result in sanctions from HMRC.
The scale of the scandal is weekend bet 2018 awards hiphop atlanta just coming to light after it was revealed in April that data was falsified in the testing of four types of cars, including two Nissan cars.
Dictators and other heads of state have been accused of laundering money, avoiding ecas european casino industry report 2018 and evading tax, according to the unprecedented cache of papers that show the inner workings of the law firm Mossack Fonseca, which is based in Panama.
But European MEPs have since called for the Chancellor to appear in front of the committee on tax rulings to explain the tax deal.
He was charged with illegally taking stock from Retrophin, a biotechnology learn more here he started in 2011, and using it pay off debts from unrelated business dealings.
Around 11 million cars worldwide were affected.
In August the group was forced to disclose that the £107 million pre-tax profit it had reported for 2013 was incorrect, and it had in fact suffered a £64million loss.
His exit came two months after the company revealed that it was investigating accounting irregularities.
A Swiss criminal investigation into the pair is ongoing.
Hayes worked as a trader in yen derivatives at UBS before joining the American bank Citigroup in Tokyo.
He was fired from Citigroup following an investigation into his trading methods.
He returned to the UK in December 2012 and was arrested following a two-and-a-half year criminal investigation by the SFO.
UPDATE May 10 2016 MLex learns MAXpower directors linked to firms exposed by Panama Papers.
UPDATE May 5 2016 MLex learns MAXpower fired a whistleblower before failed bond issue.
UPDATE May 1 2016 Standard Chartered has now acknowledged the allegations to MLex.
UPDATE April 27 2016 MLex has published new details about the allegations.
As the story develops, MLex will continue to report more exclusive details about the allegations.
Monday June 6 2016 Allegations against MAXpower extend to suspicious transactions with related parties Allegations of misconduct against MAXpower, the Indonesian power company at the center of a bribery scandal, extend to significant dealings and suspicious transactions with related parties, MLex has learned.
It is anticipated that Mitsui will contact the power company seeking an explanation about the allegations, which were first reported by MLex.
Among the companies with connections to MAXpower directors exposed by the leak are Crystal Jade International Ltd, Mahanusa Capital and General Electric.
Probe Over Indonesian Investment By Ben Otto in Jakarta and Margot Patrick in London Sept.
An internal audit at Maxpower Group Pte.
The bank struck a deferred-prosecution agreement with the Justice Department in 2012 over alleged Iranian sanctions breaches, under which it could be prosecuted if it commits a federal crime.
It admitted wrongdoing and has tripled spending on compliance.
Its private-equity unit profited for years by investing directly in Asian companies, but now is facing underperforming commodities investments and higher costs from regulation.
It holds some of those shares on behalf of co-investors.
The Justice Department probe is focusing on whether U.
A Justice Department spokesman declined to comment.
The Justice Department is investigating Standard Chartered over allegations that an Indonesian power company it controlled paid bribes to win contracts.
In December, lawyers at Sidley Austin LLP hired to review the audit found what they described as strong indications that Maxpower employees made inappropriate payments to Indonesian government officials and others from at least 2012 to late 2015, often to get power contracts in Indonesia and sometimes just to get paid on time, according to the review.
It found that some of the payments were funded by cash advances requested by three founders and two employees.
News of the allegations was reported earlier this year by MLex, a global-regulatory-risk news service.
Maxpower terminated their employment last year, which it described as part of an effort to address compliance matters.
The Foreign Corrupt Practices Act prohibits U.
Violators can face both criminal and civil penalties.
The discussions turned to how to continue making illicit payments, according to the legal review and a recording of the conversation heard by The Journal.
One participant on the recording jokingly suggested handing out soccer balls stuffed with cash to government officials.
Another person is heard on the recording saying the company would stop making payments for the purposes of getting partners to pay their bills, but kept open the possibility to continue paying to get contract extensions.
But for like getting paid on a regular basis, f- it.
Karpinski declined to comment.
The Bank of England and Monetary Authority of Singapore declined to comment.
The Standard Chartered executives who sat on the board of Maxpower as of August were Nainesh Jaisingh, Kanad Virk and Benjamin Soemartopo.
Soemartopo said his job will end in November because of downsizing, not because of Maxpower.
He declined to comment.
Karpinski took over at Maxpower weeks before the internal audit was completed.
He shook up management and took steps to cease abuse of the cash-advance system, according to disclosures made to lenders.
In the legal review that followed the audit, lawyers said inappropriate payments continued until at least last October 2015.
At the same time, Standard Chartered was dealing with the fallout of a decade of overexpansion in Asia.
Winters, a former J.
He started scaling back businesses that were unprofitable or hobbled by higher-capital requirements, and the principal finance division was an obvious target, people familiar with the matter said.
Standard Chartered is considering ways to exit the business Standard Chartered Is Trying to Get Out of Private Equity WILLIAM A TAYLOR, 2016-09-27 17:51, Jakarta time The bank clearly should have set up a charitable foundation first.
That makes the bribes tax-deductible.
If they spend, say 20% on actual charity, they can spend the rest on living high.
Buying Clintons is a far better investment than buying stocks.
Anyone who buys Hillary expects a lot more back from our government, and WE pay for it.
The book at points out that society collapses when government costs more than taxpayers can afford and gives some solutions.
The Wall Street Journal Standard Chartered investment in Indonesia under U.
ET The Justice Department is investigating Standard Chartered PLC over allegations that an Indonesian power company controlled by the London-based bank paid bribes to win contracts.
An internal audit at Maxpower Group Pte.
The bank struck a deferred-prosecution agreement with the Justice Department in 2012 over alleged Iranian sanctions breaches, under which it could be prosecuted if it commits a federal crime.
It admitted wrongdoing and has tripled spending on compliance.

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