TENSIONS BETWEEN EGYPT AND TURKEY ARE ON THE RISE

An article from the Washington Institute on 17th July says that, despite apparent similarities, a deep-seated conflict between the 2 countries is currently playing out across the region, though they have consistently avoided direct confrontation or hostilities.  Tensions between them have been escalating since the Arab Spring, and are in turn impacting the political situations of Libya, Sudan, and the Eastern Mediterranean.  In addition to increasing the likelihood of more direct confrontation between the countries, Turkish-Egyptian conflict is also threatening the fragile stability of the Middle East, suggesting that an outside mediator is necessary to navigate this thorny issue.  In Libya, the countries are effectively fighting a proxy war: Egypt is supporting Field Marshal Khalifa Haftar, head of the Libyan National Army (LNA), while Turkey is aiding his opponent, the Government of National Accord, with Egypt in turn accused the Government of National Accord of supporting extremist Islamist militias and providing them with political and military support.  They are also said to be supporting opposing interests in Sudan. It also mentions that in November 2014, Egypt held a tripartite summit involving Egypt, Greece, and Cyprus (with the conspicuous absence of Turkey, which was also excluded from the subsequent Eastern Mediterranean Gas Forum) about the maritime borders in the eastern Mediterranean and to examine the optimal use of promising natural gas prospects between the coasts of Cyprus and Egypt.  The article says that the escalating pressure between the two regional players threatens to bring more turmoil to an already turbulent region.  The authors say that the core issue driving the enmity stems from Turkish support for the Muslim Brotherhood and remains a problem unlikely to be solved through mediation. Egypt sees Erdogan’s party and the Muslim Brotherhood as essentially two sides of the same coin, while Erdogan sees Sisi’s coup as potentially capable of being replicated in Turkey, especially after the failed coup attempt in 2016.

https://www.washingtoninstitute.org/fikraforum/view/tensions-between-egypt-and-turkey-are-on-the-rise

 

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SENIOR BANKER WITH JPMORGAN PLEADS NOT GUILTY TO BRIBERY CHARGES IN HONG KONG

The Globe & Mail reported on 18th July that JPMorgan’s former Asia investment banking vice-chair, Catherine Leung, has pleaded not guilty to charges of bribery in a Hong Kong court.  Leung is alleged to have offered employment to the son of the chairman of a logistics company as a reward for the chairman favouring JPMorgan.  Whilst not admitting the accusations, in 2016 JPMorgan agreed to pay US authorities $264-million to resolve allegations it hired the relatives of Chinese officials to win banking deals.

https://beta.theglobeandmail.com/business/international-business/asia-pacific-business/article-senior-banker-with-jpmorgan-pleads-not-guilty-to-bribery-charges-in/

 

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ENI FILES FRAUD COMPLAINT AND REJIGS TRADING ARM OVER OIL TANKER FIASCO AND IRAN SANCTIONS SUSPICIONS

Reuters on 18th July reported that Italian oil company Eni has filed a fraud complaint against, Alessandro Des Dorides, its former head of oil trading over a suspect Iraqi crude oil shipment, and hiding the role of a small Italian oil trading firm, Napag.  The case involved the tanker White Moon, which attempted to unload in Sicily in May.  It is said that sources at Eni said the ship’s 1 million barrel cargo created panic within the company over fears the crude could be, at least partially, Iranian.  In due course it and the load returned to the Gulf.  The oil loaded onto the White Moon came via 2 ship-to-ship transfers that makes the origin harder to track, according to sources – the oil had come from the New Prosperity, but that vessel itself had been loaded with oil from a third tanker, the Abyss – makes regular voyages through the Gulf with its transponder switched off for days at a time.

https://www.reuters.com/article/us-eni-oil-trading-fraud/eni-files-fraud-complaint-rejigs-trading-arm-over-oil-tanker-fiasco-idUSKCN1UD0EK

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THE US FOREIGN CORRUPT PRACTICES ACT (FCPA) AND ITS KEY PROVISIONS

Australian law firm, Nyman Gibson & Miralis has produced a short briefing setting out the main details of the FCPA, saying that a ‘bribe’ may take the form of money, or anything of value given in an attempt to influence the person in their official capacity in a manner that may assist in obtaining or retaining business.

https://ngm.com.au/us-foreign-corrupt-practices-act/

 

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WORLD BANK DEBARS US TECHNOLOGY COMPANY

A post on FCPA Blog on 17th July reported that a US technology company, Entrust Datacard Corporation (EDC) and its controlled affiliates, had been rendered ineligible to participate in World Bank-financed projects during a 12-month debarment.  This followed alleged “collusive practices” involving a national ID project in Bangladesh.

http://www.fcpablog.com/blog/2019/7/17/world-bank-debars-us-technology-company.html

The post also provided a link to a list of all debarred companies at –

http://www.worldbank.org/en/projects-operations/procurement/debarred-firms

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ANTI-BRIBERY AND CORRUPTION IN THE AVIATION INDUSTRY: TIPS FOR SPOTTING BAD APPLES IN THIRD PARTY RELATIONSHIPS

On 17th July, Bird & Bird published an article identifying potential red flags and how to manage the risks involved and (for self-protection) understand and clearly document the business rationale for including the third party in the transaction.

https://www.twobirds.com/en/news/articles/2019/global/revisiting-abcs-in-the-aviation-industry-tips-for-spotting-bad-apples-in-third-party-relationships

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