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DigitalOlympus.com Comments on New York Federal Court’s Decision to Deny Bail to Frederic Cilins as Reported on Wall Street Journal

Press Release   •   Jul 10, 2013 19:23 EDT

New York, NY


On July 10, news and technology blog Digital Olympus.com commented on a Wall Street Journal news article by Samuel Rubenfeld about New York federal judge William H. Pauley’s decision to reverse the ruling that would have allowed French businessman Frederic Cilins to be released on $15 million bail.


According to the Wall Street Journal news piece, Frederic Cilins was accused in April by the Department of Justice for allegedly obstructing a government FCPA investigation into BSG Resources Ltd. possible bribes in the Republic of Guinea. These bribes would have secured lucrative mining rights for the aforementioned company.  


In response to the Wall Street Journal news report, DigitalOlympus.com lead team of researchers highlighted the case as the most recent example of the U.S. government’s commitment to holding individuals accountable for Foreign Corrupt Practices Act violations, regardless of their nationality.


The Wall Street Journal news article further stated that, “Cilins, who pleaded not guilty in May to obstruction of justice charges, had sought to have a $15 million bond reduced. Instead, U.S. District Judge William H. Pauley III threw the bail out, and set a trial date for Dec. 2.”


DigitalOlympus.com lead researcher Josh Cole considered the fact that Cilins was denied bail as a cautionary tale of sorts for companies and business leaders out there; mostly because FCPA probes seem to have become not only more common but also more severe in 2013.


“We’ve said before that, since its adoption in 1977, the FCPA has gained a crucial role in the government’s war against corruption,” said Cole. “At Digital Olympus we urge our readers to conduct due diligence investigations and hire specialized firms in business intelligence that can help them develop procedures to mitigate risk of FCPA violations.”


The Wall Street Journal article concluded by stating that Cilins allegedly decided to pay Madamie Toure (fourth wife of the late Guinean dictator Lansana Conte) “to give him original contracts to destroy before they reached a grand jury investigating potential violations of the Foreign Corrupt Practices.”


In order to provide its readership with different tips and useful recommendations, DigitalOlympus.com researches and analyzes global news related to interesting topics like: due diligence, business intelligence, Foreign Corrupt Practices Act, corporate investigations and more.


About DigitalOlympus.com

Digitalolympus.com is a news blog dedicated to educating its readers on the latest technology advances. They are committed to gathering information on up and coming technologies that will enhance the lives of their readership. Digitalolympus.com is always at the forefront of technology news and events guiding its readers to accurately determine the best course of action for themselves and their businesses.