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  1. #1
    AdolphMok
    Guest

    Lessons learned: BHP Billiton fined for providing public officials luxury travel

    NEW YORK, June 3, 2015 (Thomson Reuters Regulatory Intelligence) – The Securities and Exchange Commission on Wednesday charged global resources company BHP Billiton with violating the Foreign Corrupt Practices Act (FCPA) when it sponsored foreign government officials as guests at the 2008 Summer Olympics in Beijing.

  2. #2

    Lessons learned: BHP Billiton fined for providing public officials luxury travel

    As a result of the SEC’s cease and desist order, BHP Billiton agreed to pay a $25 million penalty to settle the regulator’s charges. BHP is headquartered in the UK and Australia and trades on the New York Stock Exchange via American Deposit Receipts, giving the SEC civil-enforcement jurisdiction in this case.

  3. #3

    Lessons learned: BHP Billiton fined for providing public officials luxury travel

    According to the order, BHP Billiton invited 176 government officials and employees of state-owned enterprises to the Olympic games at the company’s expense, ultimately paying for 60 guests and some spouses and others who joined them.

  4. #4

    Lessons learned: BHP Billiton fined for providing public officials luxury travel

    According to the order, BHP Billiton invited 176 government officials and employees of state-owned enterprises to the Olympic games at the company’s expense, ultimately paying for 60 guests and some spouses and others who joined them.
    Sponsored guests came mainly from Africa and Asia, the SEC said. The guests enjoyed three- and four-day hospitality packages worth between $12,000 to $16,000 which included event tickets, luxury hotel accommodations and sightseeing excursions.

  5. #5

    Lessons learned: BHP Billiton fined for providing public officials luxury travel

    BHP informed its employees that “[o]ne of the core objectives [of the sponsorship] is to maximize the commercial investment made in the Games through assisting [BHP] to strengthen relationships with key local and global stakeholders, e.g.: Government Ministers, Suppliers and Customers,” and that the hospitality program was “a primary vehicle to ensure this goal is achieved.”

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