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China's Wanda Group admits bribery scandal, with potential FCPA implications

By Toh Han Shih ( September 29, 2016, 10:16 GMT | Insight) -- Dalian Wanda Group, a conglomerate controlled by China’s richest man Wang Jianlin, has admitted a current employee and former employee were involved in bribing a Chinese official. Because Wanda executives have bribed a Chinese official, this renders the Chinese conglomerate potentially liable to the US Foreign Corrupt Practices Act, or FCPA, given that Wanda has US operations and any non-US company with US connections is liable to the FCPA.Dalian Wanda Group, a conglomerate controlled by China’s richest man Wang Jianlin, has admitted a current employee and former employee were involved in bribing a Chinese official. Because Wanda executives have bribed a Chinese official, this renders the Chinese conglomerate potentially liable to the US Foreign Corrupt Practices Act, or FCPA, given that Wanda has US operations and any non-US company with US connections is liable to the FCPA....

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