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U.S. DOJ Investigating PE, Banks and Hedge Funds in Dealings with Libya

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fcpa

Federal investigators at the U.S. Department of Justice (DOJ) are investigating financial institutions, private equity firms and hedge funds in their dealings with the Libyan Investment Authority (LIA) on suspicion of possibly violating anti-bribery laws. Specifically, the DOJ is examining investment deals carried out around the time of the global financial crisis and post, checking to see if those firms violated the Foreign Corrupt Practices Act (FCPA). This is on the backdrop of the Securities and Exchange Commission’s (SEC) civil probe in 2011, when it initially targeted Goldman Sachs. The DOJ (criminal) and the SEC (civil) are dual enforcers of the FCPA. Both government offices have made it clear that the U.S. financial industry is a priority for FCPA enforcement.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

OTPP Anticipates Money from Cushman Wakefield IPO

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The Ontario Teachers’ Pension Plan (OTPP) participated with TPG and PAG Asia on the buyout of DTZ a while back. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Tom Gores Wants Some Credit Game

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Traditional buyout firms are looking at building credit platforms to enhance revenue. Recently, Platinum Equity, a buyout firm run by Tom Gores that was formed in 1995, hired Michael Fabiano to help spur the formation of a credit investing division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Saudi Arabian Military Industries Forms Venture with Navantia

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State-owned Saudi Arabian Military Industries (SAMI) signed a deal with Navantia, a Spanish state-owned shipbuilding company, to form a joint venture to construct five warships – the building of five Avante 2200 Corvettes. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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