On June 6, 2013 law firm VEGAS LEX and LexisNexis held a panel discussion: "Fighting corporate fraud: the best practices". The event was held for the third time as part of annual meeting which brings together the heads of compliance practices, directors of legal and financial departments of major Russian and international companies.
The experts spoke about the tools for internal investigation of fraud and corruption, held a workshop on offshore structure, and discussed the lawsuits in Russia and abroad over assets monitoring and recovery. The special priority was given to the corporate culture of fraud prevention and modern information technologies for investigaiton and prevention of such fraud.
The speakers on behalf of VEGAS LEX were the head of litigation practice Kirill Trukhanov and the head of international projects group Yuriy Bortnikov.
The experts of VEGAS LEX discussed the actions to be taken in case corporate fraud was detected and the measures aimed at overcoming the effects of such fraud, and presented the business case related to recovery of funds invested into the real estate in Russia and recovery of pecuniary losses incurred due to fraud of the contract partner.
The special guests of the event were Gandolfo Iakono, the general director of LexisNexis Russia & Eastern Europe, Andrew Ross, the director of Forensic Technology, Fraud Investigation & Dispute Services, Ernst & Young, Andrey Komarov, the head of the Internal Audit and Compliance Service of KAMAZ, and Oxana Nedoluzhko, the head of Compliance, TNK-BP. The experts reported on the types of internal fraud, on protection of corporate information, trade secret and know-how. Apart from that, special priority was given to analysis of fraud schemes illustated with examples of economic crimes that were actually committed.
The topic awakened an avid interest among the professionals as corporate fraud is very typical and can take place in any company and at any managerial level being the reason of damages, spoiling the atmosphere and ruining the reputation of the company. This calls for the innovative approaches and modern technologies in order to prevent corporate fraud and overcome its impact.
The animated discussion allowed the participants to engage in a dialogue and to address the burning questions to the experts.
For more detail about services of VEGAS LEX in the sphere of corporate fraud prevention please click here.
The results of the Nation-wide research of the Corporate Fraud Prevention Practice of VEGAS LEX and Russian Union of Industrialists and Entrepreneurs will be available at the end of August 2013.
