Credit Suisse Group AG Caught by the Foreign Corrupt Practices Act

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Friday, July 27, 2018
Author: 
Maximilian Raileanu
Volume: 
34
Issue: 
7
Abstract: 

In June 2018, Credit Suisse (Hong Kong) Limited (CSHK), a subsidiary of Credit Suisse Group AG, agreed to pay $47 million in penalties for participating in a scheme to hire friends and family members of Chinese government officials in order to corruptly secure business.  CSHK reached this resolution with the Department of Justice (“DOJ”) to avoid prosecution for violating the Foreign Corrupt Practices Act (“FCPA”).