"Made in Germany" Brand is Threatened While a complete implosion of VW is not likely, the company will be climbing out of this deep cavern for years to come. Volkswagen CEO Martin Winterkorn paid the price of losing his job after the recent revelation that software designed to circumvent emission testing was installed on as many as 500,000 “clean diesel” vehicles sold in the US and as many as 11 million worldwide. For all the talk about corporate responsibility, integrity and putting customers first, some companies are still willing to roll the ethical dice when profits are on the line. VW has long polished a reputation for producing fuel-efficient and environmentally friendly cars. But because of a trade-off in diesel cars between fuel efficiency and actual emissions, the company used a “defeat device” to cheat emissions tests, deceiving both regulators and consumers.
There Are Many Losers in The "Game of Corruption" The evil arm of corruption doesn't end with the guilty parties involved inside an organization. It can have a negative impact on investors too. A company can be paralyzed by anti-corruption investigations resulting in losses to their investors - share prices fall, fines are assessed, legal costs soar. Investment interests add up to billions so to protect investments, shareholders are pressing more and more for companies to implement strong anti-corruption compliance programs to address corruption and mitigate the legal, financial, and reputational harm this activity brings.
SEC Looks at 'World Tour' in Action Against FLIR Systems Last November 2014, the SEC brought an administrative FCPA enforcement action against two individuals - Stephen Timms and Yasser Ramahi. They worked in sales at FLIR Systems, an Oregon based company that produces thermal imaging, night vision, and infrared cameras and sensor systems. The conduct at issue? A world tour. Literally! And all the bells and whistles that go with world tours. Expensive travel, entertainment, personal items - all in an effort to woo business from Saudi foreign officials in exchange for the retention of business for FLIR Systems. I like this particular case because 1) I've secretly always wanted to be a Rock Star and tour the world, and 2) there's a lot of information about this case from the SEC order that makes a whole lotta sense!
SEC Looks at 'World Tour' in Action Against FLIR Systems Last November 2014, the SEC brought an administrative FCPA enforcement action against two individuals - Stephen Timms and Yasser Ramahi. They worked in sales at FLIR Systems, an Oregon based company that produces thermal imaging, night vision, and infrared cameras and sensor systems.
No Need to Adjust Your Glasses - 1.6 Billion People Pay Bribes to Survive It's a tough world out there folks. Need to see a doctor for fractured wrist? Pay a bribe. Want to send your kids to school? Pay a bribe. Need to sort out a speeding ticket? Pay a bribe.