The corruption cases databases are a product of the staff of the International Bank for Reconstruction and Development / The World Bank. It is intended for general information purposes only. The findings, interpretations, and conclusions expressed in the Database do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Neither the World Bank Group nor its officers or employees shall be liable for any losses that may result directly or indirectly from the use of or reliance upon such information.
Falsification of books and records, Internal controls violations
No admission or denial of alleged offenses
According to the US Securities and Exchange Commission Administrative Summary, "An SEC investigation found that Ignacio Cueto Plaza, who was serving as president and chief operating officer at the time, authorized a sham consulting agreement and the company wired $1.15 million in payments to the consultant’s Virginia-based brokerage account. The unsigned agreement falsely stated that the consultant would undertake a study of existing air routes in Argentina. Cueto knew no such study would be performed and the consultant instead agreed to help settle the labor dispute, and Cueto also nderstood it was possible that the consultant would pass a portion of the payments along to union officials in Argentina. Cueto pproved the payments to get the unions to abandon their threats to enforce the single-function rule and to get them to accept a wage increase lower than the amount asked for in negotiations." (Source: US SEC Administrative Summary, "Airline Executive Settles FCPA Charges," February 4, 2016.)
US SEC Administrative Proceeding File No. 3-17100, In the Matter of Ignacio Cueto Plaza, at https://www.sec.gov/litigation/admin/2016/34-77057.pdf; Summary, "Airline Executive Settles FCPA Charges," February 4, 2016, at https://www.sec.gov/litigation/admin/2016/34-77057-s.pdf.
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