Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

BNP case shows French companies learning US law the hard way  Join our daily free Newsletter

MENAFN - Arab News - 24/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Washington — some french companies have been slow to learn that doing business in the us means obeying its laws.

us authorities are seeking a record fine against bnp paribas that would make it the first french bank since president barack obama took office to be penalized for doing business with sanctioned countries.

french companies already dominate the ranks of corruption settlements however both in numbers and the size of penalties. among the top 12 largest bribery penalties paid in the us total settled for 398 million last year technip for 338 million in 2010 and alcatel-lucent for 137 million the same year.

'there is a different culture with regard to dealing with the government and cooperating with the government than there is in the us" michael volkov a former federal prosecutor who defends companies in corruption probes said.

'in many of these cases involving french companies there's just dragging of feet and a digging in of fingernails on issues that really would not hold up other companies and as a result they pay more for their violations."

bnp which is under investigation for transactions involving sudan iran and cuba may be asked to pay more than 5 billion to resolve the matter the highest sanctions-violation penalty ever two people familiar with the talks have said.

prosecutors are also seeking a guilty plea the people said after winning one from credit suisse group recently to end a three-year tax investigation.

an agreement on bnp france's largest bank could come as soon as next month according to the people.

stephane le foll the cabinet minister who is the french government spokesman declined to comment on the bnp case when asked about it at his weekly press conference.

the french government hasn't been involved in the us discussions over paris-based bnp and views the case as a legal matter that must follow its own course according to three people familiar with the government's position.

france seldom investigates international corruption and too few of those cases make it to trial according to the most recent report from the organization for economic cooperation and development. just one company has been convicted of bribing foreign officials in france since the country outlawed the practice and that's on appeal.

france's apparent ambivalence about rooting out corruption — until 2000 bribes paid to foreign public officials were tax deductible — gave companies the false impression that they were safe from prosecution elsewhere according to stephane bonifassi a paris-based criminal defense lawyer who specializes in corruption cases at lebray & associes.

'we haven't understood that there was something serious happening in the us" he said.

'the business community is not used to being seriously regulated and we are going to learn it the hard way."

still bonifassi said laws on foreign companies' dealing with us-sanctioned countries go too far 'pushing an agenda that isn't shared by everyone."

bnp said in 2011 that it was reviewing operations to see how they complied with the office of foreign assets control's rules after talks with the us authorities. ofac administers and enforces economic and trade sanctions based on us foreign policy and national security goals. the bank's review focused on transactions made between 2002 and 2009 bnp said last week.

prosecutors argue that a more severe penalty against bnp is justified because the misconduct was more egregious and the bank didn't fully cooperate with the investigation according to one person with knowledge of the matter.

bnp spokeswoman carine lauru declined to comment on the investigation the allegations or the bank's cooperation when contacted by telephone.

bnp said on april 30 that it may need to pay far more than the 1.1 billion it's set aside for the matter.

the justice department is also building a bribery case against alstom that's likely to result in one of the largest us anti-corruption enforcement actions two people with knowledge of the probe said in march.

lack of cooperation has also been cited by prosecutors in that probe of alstom contracts in asia.


 


Arab News




  MENA News Headlines
 Jan 29 2015 - HH the Emir Receives Phone Call from Ban Ki-moonQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Thursday received a phone call from the United Nations Secretary-General, Ban Ki-moon, during which he thanked HH the Emir on the ...

 Jan 29 2015 - Consumer spends on pharma products to increase to Dh5.03b by 2020Khaleej Times
(MENAFN - Khaleej Times) Dubai € Consumer expenditure on pharmaceutical products, medical appliances and equipment in the UAE has experienced a strong increase and is forecast to be valued around ...

 Jan 29 2015 - UAE- Time to put cyber security on top priorityKhaleej Times
(MENAFN - Khaleej Times) Kaspersky lab solutions block millions of attacks across the globe, which clearly indicates that cyber criminals are smart, but not smarter than security providers.This was ...

 Jan 29 2015 - Indian business council honours Emirati businessmenKhaleej Times
(MENAFN - Khaleej Times) Dubai - The Indian Business and Professional Council (IBPC) hosted a reception on the occasion of the 66th Republic Day of India at the Oberoi Hotel, Business Bay, on Sunday. ...

 Jan 29 2015 - UAE, Canada discuss ways to boost tradeKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade, received a Canadian delegation led by Martin Zablocki, CEO of the Canadian ...

 Jan 29 2015 - Emirates NBD facilitates Stanbic in $85 million loan facilityKhaleej Times
(MENAFN - Khaleej Times) Al Ahli Bank of Kuwait and Standard Chartered Bank joined the transaction as mandated lead arrangers while Al Khalij Commercial Bank and The Commercial Bank of Qatar ...

 Jan 29 2015 - NBAD profit jumps 28% in 2014Khaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - A strong growth in incomes from interest and non-interest based revenues bolstered the National Bank of Abu Dhabi (NBAD) profits to Dh1.372 billion in the quarter ...

 Jan 29 2015 - UAE pharma spend to hit Dh5 billion by 2020Khaleej Times
(MENAFN - Khaleej Times) It is also forecasted to increase at a compound annual growth rate (CAGR) of about 9.78 per cent from 2014 to 2020 as, by then, the value of consumer expenditure on ...

 Jan 29 2015 - Parents happy with children's educationKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi: A survey by the Abu Dhabi Education Council (Adec) has revealed that parents across the emirate are satisfied with their children's schools. The education ...

 Jan 29 2015 - Customers continue winning at Malabar Gold 1amp Diamonds FestivalArab News
(MENAFN - Arab News) Customers continue to win at Malabar Gold & Diamonds' ongoing gold and diamond festival.The jewelry retailer's 4th edition of Malabar Gold & Diamonds Festival in the GCC ...

more...


 






Google

Electronic & Mobile Payment

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help