In Anti-Corruption Report Geoffrey Atkins Discusses Korea Telecom Corporation’s SEC Settlement for FCPA Violations
Korea Telecom Corp. (KT), South Korea’s largest telecom company, recently entered into a $6.3 million settlement with the SEC for violations of the Foreign Corrupt Practices Act (FCPA) between 2009 to 2018. A March 16 article by Anti-Corruption Report discussed several anti-corruption issues the case brings into focus for compliance officers, internal audit leaders and procurement, finance and HR leaders.
The piece included insights from litigation & enforcement partner Geoffrey Atkins (Hong Kong). “It is relatively rare in SEC-only enforcement matters that the agency imposes forward-looking reporting requirements on remediation and compliance issues … In that sense, the ongoing requirements applied to KT Corp are quite significant” Geoff said in the article. “Increasingly in the past few years, we are seeing FCPA resolutions involve concurrent settlements in other jurisdictions, whether there is direct cooperation or not among authorities,” he added.