November 30, 2018

Years after sentencing, RBA subsidiaries’ sentences are made public in foreign bribery case

Details about the first prosecutions under the foreign bribery provision of the Australian Criminal Code have come to light following the lifting of long-standing suppression orders that had kept the matter under seal.  The Reserve Bank of Australia (RBA) and two subsidiaries, Securency International Pty Ltd and Note Printing Australia Limited, were fined AUD 21.6 million in 2012 after the subsidiaries pleaded guilty to conspiracy to bribe foreign officials in Indonesia, Malaysia, Vietnam, and Nepal in order to secure banknote contracts.  RBA, the parent company, was fined under proceeds of crime legislation in connection with its role in overseeing the subsidiaries, whose boards were led by senior RBA officials.  Securency’s former CEO and CFO, a business manager, and the company’s agent in Indonesia also pleaded guilty and received suspended sentences.  Another former executive pleaded guilty this week and is awaiting sentencing.  The Australian High Court ordered a permanent stay on charges against four additional former executives after the Australian Criminal Intelligence Commission used its coercive powers to require the suspects to answer questions after they had invoked their legal right not to answer questions by the Australian Federal Police.

Victoria Supreme Court press release | Sentence (Securency and Note Printing) | Ruling on agreed facts

Sentence (Curtis) | Sentence (Christanto) | Ruling on stay application