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The DOJ declined to prosecute Boston Consulting Group for former employees' alleged bribery of Angolan officials because of the firm's self-disclosure of the misconduct, as well as its cooperation, remediation and disgorgement of more than $14.4 million. https://t.co/cOs9STbNNZ
Really interesting #FCPA declination this week for Boston Consulting Group (BCG)-- won praise for rescinding equity for partners involved in misconduct! (Plus the usual cooperation, remediation, etc.) #compliance #corruption #audit #corpgov https://t.co/MzWmwewNHK
🚨 BCG admits it paid bribes to win consulting business in Angola - FT US firm will give back $14mn in profits after agreement with Department of Justice
Boston Consulting Group (BCG) has admitted to paying bribes to secure consulting business in Angola. The U.S. firm has agreed to return $14 million in profits as part of an agreement with the Department of Justice (DOJ). The DOJ decided not to prosecute BCG due to the firm's self-disclosure of the misconduct, cooperation, and remediation efforts. Additionally, BCG rescinded equity for partners involved in the misconduct, which was praised as part of their compliance measures. The firm disgorged more than $14.4 million.
