What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard will detail some of the most audacious corruption cases from the modern era of anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.
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What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard will detail some of the most audacious corruption cases from the modern era of anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.
Brazilian petroleum company Petrobras caught itself in an intricate bribery scheme involving top construction corporations like Odebrecht and Braskem and political parties. Thomas Fox and Michael DeBernardis lay out the facts and share their insights on what lessons other companies can learn and practice to avoid similar compliance troubles.
▶️ Odebrecht/Braskem with Thomas Fox and Michael DeBernardis
Key points discussed in the episode:
(00:00:32) Thomas Fox gives a brief background on the Petrobras-Odebrecht-Braskem case.
(00:03:35) Michael DeBernardis clarifies more facts on the case, such as the bribery feedback loop and the increasing spending on litigation. Thomas Fox adds that even if you “create bad law, it’s still law.” It has also brought attention to compliance authorities and politicians in Brazil. More companies in other countries were also involved in the scheme.
(00:11:58) The bribery scheme was intricately designed to avoid compliance detection. Michael DeBernardis recommends ensuring maximum procurement controls. Petrobras employees benefited mostly in this case. This case has put attention to the importance of having visibility into supply chains.
(00:15:57) Michael DeBernardis emphasizes the importance of having appropriate controls to mitigate supply chain risk despite being lower than other aspects of the business. It also exposed the massive scale of corruption.
(00:21:54) Michael DeBernardis and Thomas Fox hit home their suggestions to companies: Do a deep risk analysis, get to know your joint venture partners, and any form of defense is helpful. Although the danger is not easy to detect up front, it can help lessen the risk. Also, you should not also close the doors in working with businesses with a little bit of controversy.
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The Corruption Files
What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard will detail some of the most audacious corruption cases from the modern era of anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.
