Day: June 9, 2020

A fascinating piece in the Guernsey Press on 9 June reported court papers filed in London that contain an admission that the nephews bugged the conservatory of the Ritz hotel after becoming concerned about the billionaire property magnate posing a significant risk of harm to the family business.  He is involved in a court battle with 3 of his twin brother’s sons over 94 hours of secret recordings made over a number of months as part of what his lawyers have described as commercial espionage.  The interest oif the media is Guernsey comes about because the Barclay brothers own the lease of the island of Brecghou, off the coast of Sark, this being one of the smallest of the Channel Islands.

https://guernseypress.com/news/2020/06/09/bugging-ritz-was-necessary-and-reasonable/

 

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On 9 June, Energy Mix reported that the African Development Bank Group has announced the debarment of Burmeister & Wain for a period of 21 months, for engaging in sanctionable practices in a power generation project financed by the Bank in Mauritius.  It is said that the Bank has concluded that it is more likely than not that the company engaged in fraudulent and corrupt practices in the context of this project.  The debarment imposed by the Bank renders Burmeister & Wain ineligible to participate in Bank-financed projects and thus to benefit from its financing during the debarment period.

https://www.energymixreport.com/afdb-debars-danish-contractor-over-fraudulent-practices-in-a-power-project/

 

 

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On 9 June, Eversheds Sutherland published its latest schedule of forthcoming developments, and which summarises key financial crime related legal and regulatory changes expected over the next 18 months to 2 years, as well as providing electronic links to key resources.

https://www.eversheds-sutherland.com/documents/services/fraud-financial-crime/Financial_crime_and_cyber_security_horizon_scanner_Q2_2020.pdf

 

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On 9 June, Rferl reported that a court has found former Prime Minister Sapar Isakov guilty of misusing state funds allocated for the renovation of Bishkek’s National History Museum and a hippodrome in the northern town of Cholpon-Ata while in office and sentenced him to serve 18 years in prison.  High-profile corruption trials have implicated several former top Kyrgyz officials who allegedly are close associates of former President Almazbek Atambaev, who is currently on trial after being arrested in August.

https://www.rferl.org/a/bishkek-court-convicts-kyrgyz-ex-pm-isakov-graft-second-case/30661255.html

 

 

 

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On 9 June, the New Straits Times and others reported that the deputy public prosecutor told the court that the prosecution is withdrawing all the corruption and money-laundering charges against the former ally of Malaysia’s former Prime Minister Najib Razak.  To support the application for acquittal, Musa’s lawyer referred to previous case files among others from the Independent Commission against Corruption of Hong Kong (ICAC) which in 2011, he said, carried out investigations and found that no offence was committed.  An article from Sarawak Report criticises the decision.

https://www.nst.com.my/news/crime-courts/2020/06/599078/musa-aman-freed-all-46-corruption-money-laundering-charges

http://www.china.org.cn/world/Off_the_Wire/2020-06/09/content_76143728.htm

https://www.sarawakreport.org/2020/06/malaysias-criminal-coup-unfurls/

 

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On 8 June, an article from Advokatfirmaet Hjort says that the new rules are likely to take effect from January 2021 and are more aligned with the comparable EU rules than the current Norwegian regulations. However, rights-holders that have already filed an application for customs seizures in the EU will still have to file a new application for customs seizures in Norway pursuant to the Norwegian Customs Act.

https://www.internationallawoffice.com/Newsletters/Intellectual-Property/Norway/Advokatfirmaet-Hjort/New-rules-on-customs-seizures-Norway-aligns-with-European-Union

 

 

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On 4 June, an article from Freshfields Bruckhaus Deringer says that on 1 January, EU-based importers of certain minerals and metals will have to comply with new supply chain due diligence obligations that will become mandatory under the Conflict Minerals Regulation.  It explains that the Regulation aims to prevent the exploitation of these minerals and metals by armed groups in resource-rich but also conflict-affected and high-risk areas. Its goals and methods are similar to the conflict minerals provisions imposed under the US Dodd Frank Act, and it covers the same minerals. However, the regulation is wider in its personal scope (covering more entities) and geographic reach.  The Regulation does not impose import restrictions or approval requirements for affected minerals – but EU importers will have to establish and comply with supply chain due-diligence obligations.  It recommends steps companies should take.

https://riskandcompliance.freshfields.com/post/102g8xx/the-eu-conflict-minerals-regulation-new-due-diligence-requirements-for-importer

 

 

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On 6 June, research from Open Democracy shows that a detailed analysis of millions of filings at Companies House shows almost 10% of UK businesses still do not declare who their beneficiaries are – often thanks to what campaigners believe is a legal loophole that could facilitate crime, corruption and tax evasion.  Most forms of British corporate entities have to name a “person of significant control” – a beneficiary with a stake of 25% or more.  It says that the 25% threshold means that vast numbers of companies are able to leave their beneficiaries unidentified, without explanation, and perfectly legally. Other companies illegally ignore the requirements or say they cannot comply with them.  The government believes 99% of companies are in technical compliance – partly thanks to the 25% equity threshold requirement – but campaigners have called for the equity threshold to be scrapped and for those who break the rules to be punished.

https://www.opendemocracy.net/en/dark-money-investigations/revealed-nearly-400000-british-companies-evade-anti-money-laundering-checks/

 

 

 

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