Book contents
- Frontmatter
- Contents
- Preface to the Third Edition
- Preface to the Second Edition
- Preface to the First Edition
- PART ONE AN INTRODUCTION TO PROJECT FINANCE
- PART TWO RISK IDENTIFICATION, ALLOCATION, AND MITIGATION
- PART THREE PROJECT FINANCE STRUCTURES
- PART FOUR TECHNICAL, POLITICAL, AND ECONOMIC FEASIBILITY
- PART FIVE PROJECT FINANCE DOCUMENTATION
- PART SIX CREDIT ENHANCEMENT
- PART SEVEN DEBT AND EQUITY FINANCING
- PART EIGHT COLLATERAL
- PART NINE PROJECT SPONSOR AND INVESTOR AGREEMENTS
- PART TEN SPECIAL TOPICS IN PROJECT FINANCE
- CHAPTER TWENTY-EIGHT BANKRUPTCY
- CHAPTER TWENTY-NINE UNITED STATES LAWS AFFECTING FOREIGN INVESTMENTS
- CHAPTER THIRTY LOCAL LAWYERS AND OVERVIEW OF LOCAL LAWS
- CHAPTER THIRTY-ONE DISPUTE RESOLUTION IN PROJECT FINANCE TRANSACTIONS
- CHAPTER THIRTY-TWO MULTILATERAL AGENCY PROHIBITIONS ON ANTI-COMPETITIVE ACTIVITY
- CHAPTER THIRTY-THREE MERCHANT FACILITIES – PROJECT FINANCE WITHOUT CONTRACTUALLY ASSURED REVENUE FLOWS
- Appendix A A Checklist of Due Diligence Considerations for a Project Financing
- Appendix B UNCITRAL Legislative Guide on Privately Financed Infrastructure Projects
- Project Finance Terms, Abbreviations, and Acronyms
- Select Bibliography
- Index
CHAPTER THIRTY-TWO - MULTILATERAL AGENCY PROHIBITIONS ON ANTI-COMPETITIVE ACTIVITY
from PART TEN - SPECIAL TOPICS IN PROJECT FINANCE
Published online by Cambridge University Press: 05 June 2012
- Frontmatter
- Contents
- Preface to the Third Edition
- Preface to the Second Edition
- Preface to the First Edition
- PART ONE AN INTRODUCTION TO PROJECT FINANCE
- PART TWO RISK IDENTIFICATION, ALLOCATION, AND MITIGATION
- PART THREE PROJECT FINANCE STRUCTURES
- PART FOUR TECHNICAL, POLITICAL, AND ECONOMIC FEASIBILITY
- PART FIVE PROJECT FINANCE DOCUMENTATION
- PART SIX CREDIT ENHANCEMENT
- PART SEVEN DEBT AND EQUITY FINANCING
- PART EIGHT COLLATERAL
- PART NINE PROJECT SPONSOR AND INVESTOR AGREEMENTS
- PART TEN SPECIAL TOPICS IN PROJECT FINANCE
- CHAPTER TWENTY-EIGHT BANKRUPTCY
- CHAPTER TWENTY-NINE UNITED STATES LAWS AFFECTING FOREIGN INVESTMENTS
- CHAPTER THIRTY LOCAL LAWYERS AND OVERVIEW OF LOCAL LAWS
- CHAPTER THIRTY-ONE DISPUTE RESOLUTION IN PROJECT FINANCE TRANSACTIONS
- CHAPTER THIRTY-TWO MULTILATERAL AGENCY PROHIBITIONS ON ANTI-COMPETITIVE ACTIVITY
- CHAPTER THIRTY-THREE MERCHANT FACILITIES – PROJECT FINANCE WITHOUT CONTRACTUALLY ASSURED REVENUE FLOWS
- Appendix A A Checklist of Due Diligence Considerations for a Project Financing
- Appendix B UNCITRAL Legislative Guide on Privately Financed Infrastructure Projects
- Project Finance Terms, Abbreviations, and Acronyms
- Select Bibliography
- Index
Summary
INTRODUCTION
The word bribery carries with it different meanings, depending upon the values and practices of the country involved. In the West, bribery of governmental officials is viewed as economically inefficient, politically destabilizing, morally corrupt, and, of course, illegal. In other countries, bribery has been endemic – a necessary evil in accomplishing business goals. By 1977, the United States viewed bribery as no longer acceptable in the global marketplace. The U.S. Foreign Corrupt Practices Act, which came on the heels of the Watergate and Lockheed scandals in the United States, made illegal the bribery of foreign officials to obtain or retain business. Yet, the United States stood alone in its efforts.
The effects of anti-bribery statutes are mixed. On the one hand, they provide an effective shield to a company against bribery attempts or threats; that is, the company can argue that bribes are illegal in its home country. Such illegality could potentially subject the officer or employee to criminal punishment, as well as embarrass the host country's government. On the other hand, unless parallel prohibitions are in place for foreign competitors, the prohibition places the company at a competitive disadvantage. At least one study suggested that U.S. companies lost almost $45 billion in contracts as a result of the prohibition.
- Type
- Chapter
- Information
- The Law and Business of International Project FinanceA Resource for Governments, Sponsors, Lawyers, and Project Participants, pp. 419 - 428Publisher: Cambridge University PressPrint publication year: 2007