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Swiss Bank Settles $3.6M Balli Group Fraud Suit
Law360, London (April 6, 2021, 3:47 PM BST) Switzerland s Banque Internationale de Commerce has settled a commercial fraud claim against three executives of Anglo-Iranian steel trader the Balli Group, in the latest development following an investigation into the company s collapse by the U.K. s Serious Fraud Office.
The Swiss bank reached a confidential settlement agreement with Nasser Alaghband, Melis Erda and Colin Donaghue on Feb. 11, according to a court order that has just been made public. The individuals are all executives of the now-defunct steel firm Balli Group, but the company itself was not named in the suit.
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In remarks at the American Conference Institute’s 37th International Conference on the Foreign Corrupt Practices Act (FCPA) on December 3, 2020, Gen. Brian C. Rabbit, then acting assistant attorney general of the U.S. Department of Justice (DOJ), stated that “[n]otably, many of [DOJ’s] corporate resolutions in 2020 included coordination with one or more foreign enforcement authorities an increasingly important aspect of [DOJ’s] work.”
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By Neil Hodge2021-03-16T18:18:00+00:00
Enforcement agencies expect closer cooperation and coordination through 2021 as their efforts to clamp down on global bribery and corruption committed by multinational companies continue.
Speaking at the Society of Corporate Compliance and Ethics’ European conference Monday, Lisa Osofsky, director of the U.K.’s Serious Fraud Office (SFO), and Daniel Kahn, acting chief of the Fraud Section at the U.S. Department of Justice (DOJ), said closer working ties and information sharing between enforcement agencies have resulted in some high-profile cases being settled more quickly and effectively, as well as record fines.
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