• Ex-Bertling exec on bribery charges admits 'boosting' salary through side deal
    02 November 2018
    A former executive at Bertling Group's UK unit, on trial for bribery charges, has admitted “boosting” his salary through a side-deal struck with his Dubai-based consultancy.

    Peter Smith told a London court today that he wouldn’t have joined F.H. Bertling, the UK unit of the oil and gas services company, if he hadn't had a separate consultancy agreement to supplement his salary of 75,000 pounds ($97,000 today).

    "The perks were good, not the pay," Smith said. He told jurors at Southwark Crown Court in London that he had a separate business agreement with F.H. Bertling through his own consultancy company, Keady, in 2006.

    By Annie Robertson and Martin Coyle.

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  • SFO's Osofsky to testify on effectiveness of UK bribery laws next month
    18 October 2018
    The UK fraud agency's new chief, Lisa Osofsky, will give evidence on the impact and effectiveness of the country’s bribery laws at a hearing with lawmakers in November.

    Osofsky, who took up the post of director of the Serious Fraud Office in August, will appear before lawmakers scrutinizing the UK’s Bribery Act on Nov. 13, a spokesman for the parliamentary committee scrutinizing the legislation told MLex.

    By Martin Coyle.

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  • USMCA chapter curtails use of trade panels in corruption, bribery disputes
    01 October 2018
    Text of the new US-Mexico-Canada Agreement reaffirms rights and duties of the three countries to prosecute their own bribery cases that arise in trade disputes, reducing the power of a trade panel to hear such cases.

    The chapter also assuages a political criticism that multilateral trade accords sometimes replace national sovereign rights with unaccountable dispute resolution panels.

    Bribery cases are the domain of the signatory governments, according to the USMCA. It explicitly limits the power of the trade panels to handle corruption cases.

    By Robert Thomason

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  • Unaoil exec faces extradition to UK following Italy top court ruling
    26 September 2018
    A former Unaoil executive can be extradited to the UK, Italy’s top court has ruled, overturning a lower court’s decision.

    Saman Ahsani is wanted by the UK's Serious Fraud Office as part of its wide-ranging investigation into the Monaco-based oil services consultancy.

    In July, an Italian appeals court rejected the SFO’s attempt to extradite Ahsani because the executive was also under scrutiny in Italy. But the country’s Supreme Court in Rome last week overturned the July ruling.

    By Martin Coyle and Rodrigo Russo.

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  • Ex-Deutsche Bank traders requested Libor moves, cooperator testifies
    20 September 2018
    Former Deutsche Bank traders Matthew Connolly and Gavin Black put in requests to manipulate the interest rate Libor, a former colleague said in the first day of witness testimony in Connolly's and Black's trial on fraud charges.

    Both traders asked James King, a colleague at Deutsche Bank, to use his position to try to nudge the rate up or down to benefit their positions, King told jurors Thursday in New York federal court.

    "Sometimes I altered the rates because of a request from a trader to influence the rate, to make it lower or higher to benefit a trading position," King said. "I knew that was not right. That was wrong."

    By Richard Vanderford

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