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 Proceeding release, "From at least 2004 through 2011, Nordion, Inc. (“Nordion”), a global health science company, violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act of 1977 (“FCPA”) in connection with payments made to a third party agent to obtain Russian government approval to distribute TheraSphere, Nordion’s liver cancer treatment, in Russia. Nordion failed to record those payments in a manner that accurately and fairly reflected the transactions in its books and records. Nordion also failed to devise and maintain adequate internal accounting controls to provide sufficient reassurances that Nordion funds were used as authorized, that third-party agents were appropriately vetted, and that Nordion adequately trained its employees to conduct business in countries with significant corruption risks." The Administrative Summary notes that the scheme failed and Nordion was unable to distribute TheraSphere in Russia and did not profit from the scheme. (Source: In re: Nordion (Canada) Inc., Administrative Proceeding File No. 3-17153, and Administrative Summary.)
US Securities and Exchange Commission, In re: Nordion (Canada) Inc., Administrative Proceeding File No. 3-17153, at https://www.sec.gov/litigation/admin/2016/34-77290.pdf; Administrative Summary, "SEC Charges Engineer and Former Employer with Bribe Scheme in Russia," March 3, 2016, at https://www.sec.gov/litigation/admin/2016/34-77288-s.pdf.
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