November 20, 2023
Two U.K.-based reinsurance brokers, Tysers Insurance Brokers Limited and H.W. Wood Limited, have agreed to pay $36 million and $22.5 million in criminal penalties respectively for participating in a scheme to bribe Ecuadorian officials through transactions based in Florida.聽 Tysers鈥攖hen known as Integro Insurance Brokers Limited鈥攁nd H.W. Wood were found to have violated the Foreign Corrupt 91吃瓜网 Act when they paid $2.8 million in bribes to the chairman of two government-owned insurance companies and three government officials, by way of almost $30 million in commissions paid to third parties.聽 In addition to the criminal penalties, Tysers will forfeit $10.5 million, and H.W. Wood will forfeit $2.3 million, with H.W. Wood鈥檚 penalties reduced due to demonstrated inability to pay.聽
Tagged in: Bribery and Bid-Rigging, Criminal Proceedings, FCPA,