The Corruption Files5 Sep 2024

Stranger Than Fiction: The Bre-X Mining Scandal

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws. In this episode of Season 2, Tom and Mike take a deep dive into the Bre-X mining scandal of the mid-1990s. Tom and Mike explore the fraudulent gold discovery announced by the Canadian company in Indonesia, which led to a massive media frenzy, skyrocketing stock prices, and eventually, a colossal financial collapse. The discussion includes the scandal’s sensational aspects, lack of individual prosecutions, and the regulatory responses that followed. Fox and DeBernardis also examine the greed and desperation driving the fraud and draw vital compliance lessons for today’s professionals. Key Highlights: Overview of the Bre-X Mining Scandal The Sensational Details of the Fraud The Aftermath and Lack of Prosecution Regulatory and Legal Responses Compliance Lessons for Today Resources: Mike DeBernardis on LinkedIn HughesHubbardReed Tom Fox Instagram Facebook YouTube Twitter LinkedIn Texas Tax rate at 80% of 8.25%

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