Pacific Strategies & Assessments

A pro-business environment with a CPI score of 39, and annual growth of 7.2%, India sits at the nexus of high risk and potential high reward. Human-led due diligence is an essential tool to shed light on critical risks. Our comprehensive approach empowers companies to make informed decisions, engage in responsible growth, and navigate this complex business environment. Click the link below to read our latest case studies of due diligence in India: https://lnkd.in/g7-KpMZG #PSABetterIntelligence #DueDiligence #Investigations #ABAC #Integrityduediligence #India #IPO #Mergers #Aquisitions #EmergingMarkets 

In August 2024, the Swiss Federal Criminal Court sentenced Tarek Obaid and Patrick Mahony, two former executives of the #oil exploration company #PetroSaudi, for their involvement in the collapse of #Malaysia's sovereign fund 1MDB. The former executives were found guilty of #embezzling over USD 1.8 billion from 1MDB, and committing nearly 600 acts of #moneylaundering. Obaid received a seven-year prison sentence, while Mahony was sentenced to six years. The court also ordered the confiscation of their assets, which are to be returned to 1MDB. https://lnkd.in/eMaXCWsN

Join Pacific Strategies & Assessments' Michael Olver and Charles Biddle at Society of Corporate Compliance and Ethics (SCCE)'s 23rd annual Compliance and Ethics Institute conference in Grapevine, TX from September 22-25th.   PSA Group is proud to showcase our recently upgraded suite of #TPRM #ABAC and #sanctions #duediligence reports that include #UBO identification, mapping, and screening. Stop by booth 508 and we’ll walk through some samples and case studies for your industry.   Link to register in the comments below. See you there!   #compliance #SCCEcei #investigations #naturalownership

The trial of former #Volkswagen CEO Martin Winterkorn began on September 3, 2024, in Braunschweig, #Germany, marking the conclusion of an #investigation lasting over five years. The trial involves #fraud charges related to the 2015 dieselgate scandal, in which Volkswagen rigged emissions tests on millions of diesel-powered cars to pass environmental standards. Winterkorn, 77, faces accusations of fraud, #marketmanipulation, and giving false testimony, all of which he denies. He is also alleged to have failed to inform investors about the emissions manipulations in 2015. If he is found guilty, Winterkorn could face a fine or a custodial sentence.   https://lnkd.in/ed3n3FMN

On September 2, 2024, the US Department of Justice seized an aircraft in the #DominicanRepublic owned by Venezuelan President Nicolás Maduro for suspected violations of US #exportcontrol and #sanctions laws. The aircraft was allegedly purchased for USD 13 million through a shell company, and was illegally exported from the US to #Venezuela through the Caribbean in April 2023. US federal authorities have previously targeted Maduro and Venezuelan officials over alleged #corruption, with the US Department of Justice charging them with #narcoterrorism, corruption, and #drugtrafficking in 2020. https://lnkd.in/ekqX8Nhj

South Africa's Justice and Constitutional Development Minister, Thembi Simelane, is under scrutiny for allegedly receiving a controversial ZAR 575,600 (USD 32,258) loan linked to the VBS Mutual Bank scandal while serving as mayor of Polokwane Municipality from 2014 to 2021. Amid growing calls for her removal, including from South African President Cyril Ramaphosa and political parties like the Democratic Alliance (DA) and the Economic Freedom Fighters (EFF), Simelane faces accusations of using the loan for personal gain and potential conflicts of interest given her oversight of the National Prosecuting Authority, which is currently prosecuting and investigating the bank's collapse. https://lnkd.in/dB3Bd4sw #SouthAfrica #ConflictOfInterest #COI #Investigations

On August 21, 2024, former #VitolGroup oil trader Javier Aguilar pleaded guilty to a second set of charges, potentially facing a 40-year prison sentence and the forfeiture of over USD 7.1 million. This case was consolidated with a prior conviction from February 2024, where Aguilar was found guilty of orchestrating a scheme to bribe Mexican and Ecuadorian officials. In both cases, he was accused of conspiracy, foreign bribery, and #moneylaundering. In 2020, Vitol, the world's largest independent oil trader, agreed to a USD 160 million settlement with the US Department of Justice over similar #bribery allegations in three countries. https://lnkd.in/eMn-K-_k #Mexico #Ecuador #Oil

Venezuelan national George Semerene Quintero pleaded guilty on August 20, 2024, for conspiring to evade #sanctions imposed by the US Department of the Treasury’s Office of Foreign Assets Control (#OFAC) on Venezuelan state-owned #oil company Petróleos de Venezuela (PDVSA). Semerene directly violated the International Emergency Economic Powers Act by intentionally participating in illegal procurement of #aircraft parts from the US on behalf of PDVSA’s aircraft fleet in #Venezuela. Semerene and his co-conspirators utilized third-party companies Novax Group SA (Novax) in #CostaRica and Aerofalcon SL (Aerofalcon) in #Spain to conceal the point of disembarkation of the aircraft parts. https://lnkd.in/eWmvRxjD #TPRM #SanctionsEvasion

Singaporean authorities have charged two former bankers, Wang Qiming and Liu Kai, with allegedly assisting clients in laundering USD 2.2 billion through #realestate, #cryptocurrencies, and other assets. They are the first #finance professionals to face criminal charges related to the scandal. Qiming, formerly with Citibank #Singapore Ltd., faces up to 10 charges, including #forgery and #moneylaundering involving approximately SGD 500,000 (USD 379,708). Kai, formerly with Julius Baer & Co., is accused of aiding a now-convicted member of the scheme by fraudulently opening a Swiss bank account using a forged Chinese tax document in 2020. This case follows the arrest and conviction of 10 other individuals linked to the scheme, who were sentenced to prison terms ranging from 13 to 17 months and will be deported and blacklisted from re-entering the country. https://lnkd.in/eZ7vTbHd

On August 20, 2024, the US Department of the Treasury's Office of Foreign Assets Control (#OFAC) sanctioned former Haitian President Michel Joseph Martelly for his involvement in #drugtrafficking. Martelly abused his influence to facilitate the trafficking of drugs to the US, engaged in the laundering of illicit drug proceeds, worked with Haitian drug traffickers, and sponsored multiple #Haiti-based #gangs. The #sanctions prohibit US financial institutions and individuals from financial dealings with Martelly. He was previously sanctioned by the Government of Canada in November 2022. https://lnkd.in/e6fycppp