Akin Gump Strauss Hauer & Feld LLP (JD Supra Russia)

In this alert, we consider a recent judgment of the English High Court on legal advice privilege with respect to foreign in-house lawyers, particularly in the context of non-“Advocate” Russian in-house lawyers. Legal Advice Privilege - Under English law, legal advice privilege applies to confidential communications between a client and their lawyer for the purpose of giving or receiving...

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a $29 million penalty. According to the Fed’s Cease and Desist Order, a recent examination of the Bank’s New York, Chicago, and Silicon Valley branches “disclosed significant...

ANTICORRUPTION DEVELOPMENTS – Keppel Offshore Reaches Deal with DOJ and Guilty Plea by Counsel Unsealed – On December 22, 2017, Keppel Offshore & Marine Ltd. (KOM), a Singapore based company that operates shipyards and repairs and upgrades shipping vessels, and its wholly owned subsidiary, Keppel Offshore & Marine USA Inc. (KOM USA), agreed to pay more than $422 million to resolve the...

ANTICORRUPTION DEVELOPMENTS - Alere Inc. Agrees to Pay More Than $13 Million to Resolve SEC FCPA Enforcement Action - On September 28, 2017, Alere Inc. (“Alere”), a Massachusetts based manufacturer of medical diagnostic and testing equipment, submitted an Offer of Settlement to the Securities and Exchange Commission (SEC), resulting in an administrative Cease and Desist Order resolving the...

ANTICORRUPTION DEVELOPMENTS - U.K. Opens Corruption Investigation of Rio Tinto over Guinea Operations - On July 24, 2017, the United Kingdom’s Serious Fraud Office (SFO) announced that it had opened an investigation into the mining giant Rio Tinto PLC after the company allegedly made payments to a contractor in Guinea to secure mining rights to Guinea’s valuable iron ore reserves in the...

ANTICORRUPTION DEVELOPMENTS - Steven Peikin Reported to Become Co-Director of SEC’s Enforcement Division - On May 26, 2017, The Wall Street Journal reported that recently confirmed Commissioner Jay Clayton will hire Steven Peikin to serve as Co-Director of the Securities and Exchange Commission (SEC) Enforcement Division. Mr. Peikin, a partner at the same prominent law firm as Mr. Clayton,...

ANTICORRUPTION DEVELOPMENTS – Former Magyar Telekom Executives Settle Bribery Charges – On April 24, 2017, the Securities and Exchange Commission (SEC) announced that two former executives of Magyar Telekom, a Hungarian telecommunications company, agreed to settle FCPA charges against them. The settlement comes just before the executives were scheduled to stand trial for FCPA charges...

Death and Russian Taxes - The Russian government has found another way to make 2016 “The Year of Cinema.” Rather than increasing direct support for films, Russian legislators may impose a tax on foreign films. The proposed law would apply a 5-20 percent tax on net profits on any foreign film released on at least 20 percent of all Russian screens. Most Hollywood films fit this threshold and...

From Russia with Loss - The Russian government had declared 2016 “The Year of Cinema,” but its recent actions cast doubt on that assertion. Russia has cut the amount of film subsidies available to production companies by $2.8 million. Anton Malyshev, head of the Russian Cinema Fund, has stated that “Our grants, which are distributed directly, have shrunk, but in terms of efficiency, I think [

On November 14, 2014, the Bank of Russia has for the first time published information on the weighted average of full cost of consumer loans calculated for the period from September 1 to September 30, 2014 and the marginal values of full cost of consumer loans (borrowings) (the “FCLs”). The FCLs shall apply, inter alia, to all microfinance (payday) loans, offered by microfinance organizations (the

On August 5, The New York Times reported that Russian hackers have obtained what could be the largest collection of confidential data in history. The security firm that discovered the breach continues to alert affected companies to possible exposure. Although the hackers remain anonymous, affected companies have unconventional legal tools at their disposal to limit the damage.