Thailand is the latest Asian jurisdiction to strengthen its anti-graft legislation. India, Japan, Singapore, Malaysia, Vietnam and China have all introduced anti-bribery legislation this year. The net effect is an uptick in the local enforcement risk for corporates operating in the region. Continue reading
Tag: corporate liability
India’s long-awaited Amended Prevention of Corruption Act 2018 came into force on 26 July. Originally proposed in 2013, the amendments introduce a new regime and highlight the emerging focus in Asia on supply-side bribery and corporate liability. Companies and businesses operating in India should familiarise themselves with the new provisions and ensure that they implement adequate compliance procedures.
Please click here for our e-bulletin which summarises the main amendments relevant to corporates.
Just before Christmas Keppel Offshore & Marine Ltd, a Singapore incorporated company, entered into a Deferred Prosecution Agreement (DPA) with the United States Department of Justice. The DPA provides for payment of penalties of over US$400 million. The penalties are to be divided between the United States Treasury and the governments of Brazil and Singapore. Continue reading
Indonesia's Corruption Eradication Commission (KPK) has named a corporate suspect, publicly listed PT Duta Graha Indah (DGI), concerning alleged corruption in the construction of a state university hospital in Bali in 2010. This is a first for the KPK, acting on broad powers conferred last year through a Supreme Court Regulation on Procedures for the Handling of Corporate Crime Cases (Regulation 13/2016).
In a jurisdiction where inbound investment and corruption risk are both high, this is a significant development which both domestic corporates and MNCs operating in Indonesia should take on board. Companies should ensure that they have the appropriate internal policies and procedures in place to prevent the carrying out of criminal acts such as bribery on their behalf.