News & Analysis as of

Democratic Republic of Congo

OFAC Designates Diamond Mining Billionaire, “Thieves in Law,” and Many Other International Targets as Subject to U.S. Sanctions...

by Ballard Spahr LLP on

The Office of Foreign Assets Control (“OFAC”) wrapped up 2017 by issuing a series of high-profile designations generally prohibiting U.S. persons from conducting financial or other transactions with the identified individuals...more

Five on Friday – Five Recent Developments that We’ve Been Watching Closely - August 2017

It’s Friday and time for another overview of developments in the field of business and human rights that we’ve been monitoring. This week’s post includes: an announcement by the Government of Australia that it will move...more

New Law on Subcontracting in the Private Sector Is Not Without Problems

by McGuireWoods LLP on

The Democratic Republic of Congo adopted Law No. 17/001 on 8 February 2017, regulating subcontracting in the private sector. It entered into force on 17 March 2017, with a one-year transitional period. In adopting these...more

Projects and Energy Weekly Snippets

by Hogan Lovells on

Weekly projects and energy updates in South Africa Eskom urged to be less secretive with its operating data Eskom came under criticism at the National Energy Regulator (NERSA) subcommittee hearings for attempting to keep some...more

Projects and Energy Weekly Snippets

by Hogan Lovells on

Moz plant illustrates rapid commissioning potential of gas engines - Electricity generation using gas as a fuel has great potential to meet the growing needs of many African countries, especially with a peaking-plant...more

SEC Staff Relaxes Conflict Minerals Reporting

Effective immediately, the SEC staff has relaxed conflict minerals reporting requirements by public companies. The change was triggered by the entry of a final judgment in the conflict minerals case. ...more

Conflict Minerals: Recent Developments and Business Implications of Potentially Diverging U.S. and EU Approaches

by Hogan Lovells on

On April 3, 2017, the Council of the European Union approved a new regulation intended to prevent the trade in conflict minerals, which followed the approval of the European Parliament on March 16, 2017. This puts an end to...more

Corporate Communicator - Spring 2017 - Recent Developments Regarding the Conflict Minerals Reporting Requirements

by Snell & Wilmer on

On January 31, 2017, Michael Piwowar, Acting Chairman of the Securities and Exchange Commission (the “SEC”), issued two Statements regarding the current status of guidance on and implementation of the conflict minerals rules....more

SEC Snares Two “Masterminds” Behind Och-Ziff Bribery Scheme

by Michael Volkov on

The SEC recently filed a lengthy civil complaint against two Och-Ziff executives: Michael Cohen, who headed Och-Ziff’s European office, and Vanja Barros, an executive responsible for Africa-related transactions, charging them...more

SEC Reconsidering Conflict Minerals Implementation

SEC Acting Chairman Michael S. Piwowar issued a “Statement on the Commission’s Conflict Minerals Rule” and another statement titled “Reconsideration of Conflict Minerals Rule Implementation.” Chairman Piwowar reviewed...more

Tokyo Dispute Resolution & Crisis Management Newsletter – December 2016

by King & Spalding on

Major FCPA Enforcement Action - Including charges against the CEO and CFO for failing to prevent misconduct - In one of the largest FCPA settlements in history, hedge fund Och-Ziff Capital Management Group LLC...more

FCPA Enforcement Ramping Up Against Private Equity and Hedge Funds (Part III)

by Michael Volkov on

The Och-Ziff settlement has now set the stage for the Justice Department and the SEC to focus its enforcement eye on the private equity and hedge fund industry. The Och-Ziff action was initiated in response to the SEC’s...more

Och-Ziff Failures in Due Diligence and Transaction Compliance (Part II)

by Michael Volkov on

The Och-Ziff enforcement action is replete with examples of failures in due diligence and transaction monitoring compliance. Och-Ziff’s bribery schemes were elaborate and intricate and involved complex transactions,...more

Major FCPA Enforcement Action Against Nation’s Largest Publicly Traded Hedge Fund

by King & Spalding on

In one of the largest FCPA settlements in history, hedge fund Och-Ziff Capital Management Group LLC (“Och-Ziff”) recently resolved a long-running government inquiry by agreeing to $413 million in financial penalties and a...more

DOJ and SEC Deliver Body Blow to Private Equity and Hedge Funds: Och-Ziff Settles FCPA Violations for $412 Million (Part I)

by Michael Volkov on

The Justice Department and the Securities Exchange Commission delivered a powerful FCPA enforcement message to private equity and hedge funds. Och-Ziff settled with the DOJ and SEC for total penalties of $412 million....more

New GAO Report Highlights Challenges in Complying with Conflicts Minerals Rule

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Companies are experiencing difficulties in complying with their disclosure responsibilities under the SEC’s conflict mineral requirements. The Government Accountability Office (GAO) recently released a...more

GAO Says Companies Face Continuing Challenges in Determining Whether Their Conflict Minerals Benefit Armed Groups

GAO noted in a recent report that as a result of country-of-origin inquiries, an estimated 19 percent more companies that filed Form SD with the SEC reported that they knew or had reason to believe they knew the source of the...more

Meaning of “Commencement of Drilling”: Summary of Vitol E & P Limited v Africa Oil and Gas Corporation [2016] EWHC 1677 (Comm)

by King & Spalding on

Introduction - In a dispute arising in connection with a sale and purchase agreement for an interest under a Production Sharing Contract in the Congo, an English court (the Queen's Bench Division of the High Court of...more

Africa Update - March 2016 #3

Leading the News - Republic of Congo - On March 20th, the Republic of Congo (ROC) held voting in a presidential election that was predicted to see President Denis Sassou Nguesso extend his three-decade rule....more

Africa Update - March 2016 #2

Leading the News - Cote d’Ivoire - On March 13th, Al Qaeda in the Islamic Maghreb (AQIM) gunmen armed with assault rifles stormed the beach hotels in Grand-Bassam, a region population with Ivoirian and Western...more

Africa Update - October 2015 #3

by Mintz Levin - ML Strategies on

On October 17th, members of the United Nations (U.N.) Security Council urged all Libyan parties to endorse and sign the recently finalized political agreement for the creation of a Government of National Accord. The Security...more

Africa Update - October 2015 #2

by Mintz Levin - ML Strategies on

Leading the News - Libya: On October 8th, The Washington Post provided an update on the Islamic State of Iraq and the Levant’s (ISIL) activities in Sirte, Libya. Since taking hold of Sirte earlier this year, ISIL...more

SEC’s Conflict Minerals Rule Still Unconstitutional, Says D.C. Circuit

On August 18, 2015, the United States Court of Appeals for the District of Columbia Circuit reaffirmed that both Section 1502 of the Dodd-Frank Act and its implementing Conflict Minerals Rule issued by the SEC violate the...more

Africa Update - September 2015 #5

Leading the News - Burkina Faso: On September 25th, the United Nations (U.N.) Security Council issued a statement welcoming the reinstatement of President Michel Kafando and the transitional authorities of Burkina...more

Africa Update - September 2015 #4

Leading the News - Burkina Faso: On September 17th, U.S. National Security Advisor Susan Rice condemned the unconstitutional seizure of power by elements of the Presidential Security Regiment in Burkina Faso and...more

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