Business
SERAP Tasks US On Compensation Sharing Formula
A human rights group Socio-Economic Rights and Accountability Project (SERAP)— has urged the United States to establish a process for sharing compensation of proceeds from foreign bribes.
This was contained in a statement signed by the Executive Director of the group, Mr Adetokunbor Mumuni, and made available to The Tide source on Sunday in Lagos.
Mumuni said that SERAP had on March 15 sent a request to that effect, to Robert Khuzami, Director of the Enforcement Division of US Security and Exchange Commission.
The request was made by SERAP’s Volunteer Counsel, Alexander Sierck, who is Adjunct Professor at the Georgetown University Law Center, where he teaches a course on international white collar crime.
In the letter, Sierck urged the commission “to establish an efficient case-by-case process for the payment of some or all of US Foreign Corrupt Practices Act (FCPA) civil penalty and disgorging proceeds to or for the benefit of the victimised foreign government agency or the citizens of the affected foreign country like Nigeria’’.
He also asked that civil society groups in the home country, or US-nonprofit organisation, should be eligible to apply for such proceeds as well.
In the alternative, he asked for the proceeds to be used for public benefit projects in the affected foreign country, subject to anti-corruption safeguards.
Sierck said: “At the moment, the civil penalty and disgorgement proceeds that companies agree to pay to resolve US FCPA investigations, are retained by the US government.
“Yet, procurement and investment agreements corrupted by foreign bribery, invariably lead to increased costs, not only in higher prices, but also in needlessly expanded and ultimately inefficient projects in the victimised societies.
“This has often been the case in Nigeria, where damage remedies are often elusive,’’ he added.
He said that the request would not impede the division’s enforcement priorities.
Sierck argued that SERAP was well-qualified to propose and help implement sensible discretionary remedies for victims of FCPA.
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