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DigitalOlympus.com Comments On A Reuters News Article Regarding SocGen's Russia Unit CEO Bribery Allegations

Press Release   •   Jun 26, 2013 14:51 EDT

On May 16, popular news and technology blog DigitalOlympus.com commented on a recent article by Katya Golubkova and Douglas Busvine in Reuters’ news regarding the head of Societe Generale's Russian unit Rosbank, Vladimir Golubkov, bribery scandal on Thursday, after Russian investigators disclosed a film of him with cash stacked on his desk.

According to the Reuters news piece, Investigators revealed on Thursday they had initiated authorized criminal investigations against Vladimir Golubkov, who was taken into custody on Wednesday, and his senior vice president, Tamara Polyanitsyna - a last move prior to officially indicting them.

Golubkova and Busvine reports that “The case could increase alarm among international investors and sheds a damaging light on business practices in Russia, where SocGen is one of the few Western banks left in a market dominated by homegrown state players.”

Responding to the Reuters news article, DigitalOlympus.com leading researcher, Jake Owen opined that due diligence should reflect in every facet of the investigations before reaching an objective conclusion. “This is a sensitive case and all parties involved should not be too hasty to jump into conclusion, however, the authorities should do their best to unravel the mystery behind the released video.”

Since the adoption of the Foreign Corrupt Practices Act in 1977, which forbids the payment of bribes to foreign officials by American organizations, this act has become an ultimate piece of the U.S. Government's fight against corruption, and other countries too can adopt the same measure to promote a free and fair business environment.

The Reuters news article further revealed that several leaders of Russia's financial community expressed their opinion in favor of Golubkov, and argued he might have been lured into a decoy. "The accusations simply don't fit - although the law enforcement authorities are entitled to their version and to investigate," Garegin Tosunyan, president of the Association of Russian Banks, told Reuters.

In a statement following the report, Owen opined that the Foreign Corrupt Practices Act is still very effective and violators don’t stand a chance of side stepping the law, as well as those who falsely accuse others on allegations of corruptions.  “It is advisable for organizations to seek the counsel of anti-corruption professionals trained to conduct corporate investigations, detect and significantly avoid FCPA infringements.

As a leading news and technology blog, DigitalOlympus.com is dedicated to providing useful recommendations on how to avoid fraud and corruption violations, while also encouraging the adoption of due diligence procedures and business intelligence policies in asset recovery that can help individuals and businesses enhance their efficiency with respect to books and records internal controls.


About Digitalolympus.com

Digitalolympus.com is a news and technology blog dedicated to delivering timely and informative insights into current business and technology trends, as well as useful tips for lifestyle and entertainment, designed to enhance the experiences of our readers. Recent articles have explored current pressing issues in international business including bribery and anti-corruption, and issues specifically related to the United States Foreign Corrupt Practices Act