Bribery, Fraud & Tax Evasion
United Nations sanctions against Saddam Hussein may have failed to end his regime but they succeeded in enriching both the Iraqi dictator and corporations able to manipulate the scandal-ridden world body's Oil-for-Food program. Among the profiteers was the Australian Wheat Board, a former state-owned monopoly, which funneled over $200 million into Saddam's coffers even as the "Coalition of the Willing" was preparing for invasion.
Organized labor often complains of its treatment at the hands of corporate America, but its accusations pale in comparison to those made recently by the widows of Colombian mine workers in an Alabama courtroom. During a two-week trial, a Birmingham jury weighed charges that the local Drummond Coal Company bore responsibility for the murders of three union leaders who represented workers at its Colombian mine - the world's largest open pit mine.
KPMG, the fourth biggest accounting firm in the world, has announced that it has fired Scott London, one of its top partners. New reports indicate that London was let go for providing insider information on two companies - Herbalife and Skechers.
The suit alleges that Alfa, one of the largest business conglomerates in the Russian Federation -- along with Russian oligarch Mikhail Fridman and U.S. citizen Leonid Rozhetskin -- engaged in a vast international money laundering and fraud scheme in an attempt to take control of the Russian cellular industry.
David Wittig, the former chief executive of Westar Energy Inc., was sent to federal prison Tuesday after a judge ruled he had violated terms of his release pending an appeal of his bank fraud convictions.
For more than three decades, foreign oil companies wanting into Iraq have been like children pressed against the sweet shop window - desperately seeking to feast on the goodies but having no way of getting through the door. That could soon change.
UBS AG, the Swiss bank battered by massive write-downs and its role in a U.S. tax-evasion scheme, announced the surprise departure of chief executive Marcel Rohner. Mr. Rohner's sudden departure comes after UBS agreed earlier this month to a $780 million settlement with the U.S. Justice Department of a criminal inquiry into the bank's role in the tax evasion.
Companies working in support of U.S. troops in Iraq are hauling Houston-headquartered defense contractor, Halliburton, into U.S. federal court with claims that the company stiffed them for hundreds of millions of dollars after they provided essential services in the war effort.
Spain will inject emergency capital into the country's biggest ailing bank, Bankia, as it puts into place reforms to allow loss-making banks to receive eurozone bailout money.