With Papa John founder, former CEO and (now) former Chairman of the Board channeling his inner Donald Trump in saying he really didn’t mean to resign, it is time to take a look at some of the top compliance stories from the past week.
- John Schnatter, founder, former PapaJohn Chairman and former CEO now says he really didn’t mean to resign from Board after using racial slur in con call with vendor. He goes on to claim the vendor involved attempted to extort the company, for his use of racial slur and finally he won’t ‘go quietly’ into the night and leave the company. See reports Jordan Valinsky in CNN Money, Julie Jargon in the WSJand Tiffany Hsu in the NYT. Nick Kirsch explores the toxic culture at Papa John in an article in com.
- Former Energy XXI founder and CEO hit up vendors for personal loans and sold a Board seat for another loan. Company said he had ‘broken no laws’ but SEC disagrees, fines him and bans him from public companies for five years. Tom reports in the FCPA Compliance and Ethics Blog. See the full SEC Compliant.
- Another former PdVSA official pleads guilty to money laundering? Sam Rubenfeld reports in the WSJ Risk and Compliance Journal.Dick Cassin reports in the FCPA Blog.
- How much, if any, does the Justice Department have to disclose about monitorship through a FOIA request. See article in Havard Law School Forum on Corporate Goverance.
- Hui Chen, says we need more data pioneers in complaince. Kelly Swanson reports in GIR. (sub req’d)
- Does a contract procured through corruption invalidate the parties rights under it? Petrobras claims so in Houston case but loses. Dick Cassin reports in the FCPA Blog. Brazilian prosecutors then indicts CEO of US company, after DOJ issues declination. What does it all mean? Adam Dobrik explores in GIR. (sub req’d)
- The largest vendor in the compliance space, Navex is sold to BC Partners, a London based Private Equity company. Matt Kelly scooped the story on Radical Compliance.
- Should the DOJ encourage whistleblowing in bid-rigging cases? Bob Connolly opines yes in Law360op-ed piece. (sub req’d)
- Bill Waite pens a two-part blog providing his refections on compliance during for the 10 year anniversary of the FCPA Blog. In Part Ihe considers how corruption changed the world. In Part IIhe says there is still work to be done.
- EU regulators slam Google with $5bn fine for anti-competitive acts. It is not if but when will US retaliate? Ben DiPietro reports in WSJ Risk and Compliance Journal.
- Tom has 5 part podcast series with Caterina Bullgarella on her SAI Global White Paper, Predicting Risk: A Strategic Culture Framework for the C-Suite. In Part 1-Introduction, Part 2- The Board, C-Suite and Ethical Risk, Part 3-Espoused Ethics and Actual Values, Part 4- An analysis of Wells Fargo under the Frameworkand Part 5-the Ins and Outs of Ethical Reasoning.
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