Legal Aspects Of Brewing, Selling And DrinkingJeffrey Glazer
This document discusses various legal aspects of brewing, selling, and drinking beer. It covers the three-tier distribution system, exceptions for brewpubs and direct shipping, brewing licenses and permits required, labeling laws, taxes, and considerations for starting a brewery business. It also discusses drinking laws like proposed bans on small package sales and debates around reducing alcohol-related crime.
The Oregon Winegrowers Association, a member-funded organization, will inform and update you on all the advantages of being part of the OWA community including legislative advocacy, regulatory compliance guidance and cost savings opportunities. Learn how the OWA is working to protect and enhance the investment you are making in your winery and vineyard operations.
A letter from the American Petroleum Institute to Pennsylvania House members outlining their position against House Bill (HB) 1391 that would guarantee a 12.5% minimum royalty payment to landowners regardless post-production costs. The API is urging lawmakers to defeat the bill. Landowners from Bradford County and other Marcellus counties are supporting the measure. It has caused a rare schism between landowners and drillers.
Brazil’s Lava Jato scandal is more than just a mere corruption scandal involving alleged kickbacks at oil giant Petrobras.
It has snowballed into at least three other crises that amount to a giant stress test for Brazil: a corporate crisis for many of the country’s biggest companies, whose business has dried up; an economic crisis as the scandal’s impact on investment drags Brazil deeper into stagflation; and a political crisis for President Dilma Rousseff only four months into her new term, as the alleged involvement of many politicians from the ruling coalition raises questions over the country’s governability.
Report by Thomas Kamm, Partner in São Paulo
www.brunswickgroup.com/contact-us/são-paulo/
Opportunity to get in on the ground floor of cannabis investment, with a Secured 12% Convertible Notes. Company is set for a 2019 NASDAQ IPO through Regulation A+ which has already been filed with the SEC.
Fatca high cost initiative to curb tax evasionAranca
Enacted by the United States Congress in March of 2010, the Foreign Account Tax Compliance Act (FATCA) is a federal law meant to deter tax evasion. Read details from Aranca's Business Research Experts here.
The U.S. Supreme Court's decision in Comptroller of the Treasury of Maryland v. Wynne may result in professional athletes receiving millions of dollars in tax refunds. Specifically:
- The decision found that Maryland's tax credit system discriminated against interstate commerce by not providing a full credit against county income taxes paid in other states.
- As a result, several Baltimore Orioles and Ravens players, as well as some former Redskins players, could receive tax refunds in the hundreds of thousands of dollars.
- However, the decision may not provide relief for athletes subject to local income taxes in states like Minnesota that do not fully credit taxes paid to localities in other states
This document lists the top 10 infamous corporate scandals that rocked the world. It describes scandals involving Union Carbide and a deadly gas leak in India, Compass Group admitting to receiving bribes, the founder of ImClone Systems selling stock after a drug was rejected by the FDA, the largest oil spill in history caused by BP in the Gulf of Mexico, Xerox paying penalties for accounting fraud, the CEO of Tyco being accused of embezzling company funds, the CEO of HealthSouth selling stock before reporting losses, WorldCom concealing its financial condition through fraud, the founder of Parmalat embezzling billions, and the massive Enron scandal and bankruptcy.
Legal Aspects Of Brewing, Selling And DrinkingJeffrey Glazer
This document discusses various legal aspects of brewing, selling, and drinking beer. It covers the three-tier distribution system, exceptions for brewpubs and direct shipping, brewing licenses and permits required, labeling laws, taxes, and considerations for starting a brewery business. It also discusses drinking laws like proposed bans on small package sales and debates around reducing alcohol-related crime.
The Oregon Winegrowers Association, a member-funded organization, will inform and update you on all the advantages of being part of the OWA community including legislative advocacy, regulatory compliance guidance and cost savings opportunities. Learn how the OWA is working to protect and enhance the investment you are making in your winery and vineyard operations.
A letter from the American Petroleum Institute to Pennsylvania House members outlining their position against House Bill (HB) 1391 that would guarantee a 12.5% minimum royalty payment to landowners regardless post-production costs. The API is urging lawmakers to defeat the bill. Landowners from Bradford County and other Marcellus counties are supporting the measure. It has caused a rare schism between landowners and drillers.
Brazil’s Lava Jato scandal is more than just a mere corruption scandal involving alleged kickbacks at oil giant Petrobras.
It has snowballed into at least three other crises that amount to a giant stress test for Brazil: a corporate crisis for many of the country’s biggest companies, whose business has dried up; an economic crisis as the scandal’s impact on investment drags Brazil deeper into stagflation; and a political crisis for President Dilma Rousseff only four months into her new term, as the alleged involvement of many politicians from the ruling coalition raises questions over the country’s governability.
Report by Thomas Kamm, Partner in São Paulo
www.brunswickgroup.com/contact-us/são-paulo/
Opportunity to get in on the ground floor of cannabis investment, with a Secured 12% Convertible Notes. Company is set for a 2019 NASDAQ IPO through Regulation A+ which has already been filed with the SEC.
Fatca high cost initiative to curb tax evasionAranca
Enacted by the United States Congress in March of 2010, the Foreign Account Tax Compliance Act (FATCA) is a federal law meant to deter tax evasion. Read details from Aranca's Business Research Experts here.
The U.S. Supreme Court's decision in Comptroller of the Treasury of Maryland v. Wynne may result in professional athletes receiving millions of dollars in tax refunds. Specifically:
- The decision found that Maryland's tax credit system discriminated against interstate commerce by not providing a full credit against county income taxes paid in other states.
- As a result, several Baltimore Orioles and Ravens players, as well as some former Redskins players, could receive tax refunds in the hundreds of thousands of dollars.
- However, the decision may not provide relief for athletes subject to local income taxes in states like Minnesota that do not fully credit taxes paid to localities in other states
This document lists the top 10 infamous corporate scandals that rocked the world. It describes scandals involving Union Carbide and a deadly gas leak in India, Compass Group admitting to receiving bribes, the founder of ImClone Systems selling stock after a drug was rejected by the FDA, the largest oil spill in history caused by BP in the Gulf of Mexico, Xerox paying penalties for accounting fraud, the CEO of Tyco being accused of embezzling company funds, the CEO of HealthSouth selling stock before reporting losses, WorldCom concealing its financial condition through fraud, the founder of Parmalat embezzling billions, and the massive Enron scandal and bankruptcy.
Find the all-new Honda Civic in Huntsville at your top rated AL Honda dealer. Jerry Damson Honda has the new Honda Civic you're looking for at the best prices and with the best financing you need. Visit us today!
This document proposes an alternative to rigid installment premium health insurance called Percentages As You Earn (%PAYE) Mutual Medical Finansurance. It argues that %PAYE financing has 400 years of precedent in America and would make government mandates for health insurance unnecessary. %PAYE would involve individuals paying a percentage of their fluctuating incomes for medical coverage, similar to historical systems. The proposal asks the Supreme Court to consider these historical precedents and create a judicial health plan based on %PAYE financing rather than relying on existing government programs and mandates.
The organic growth of the cannabis industry in therock73
This document discusses the growth of the legal cannabis industry in the United States and the conflicts between state and federal laws that have curtailed its potential. It provides details on how states like Colorado, Washington, and California have legalized cannabis for medical or recreational use and generated billions in tax revenues, but federal prohibition has prevented the cannabis sector from reaching its full economic potential and has caused regulatory uncertainty. The conflict between international drug treaties and domestic state laws is also discussed.
Qui Tam Action Legal Papers Brought by Bernard Lisitza Against Pharmacy Compa...Behn Wyetzner, Chartered
Legal Motion Documentation on Medical Fraud Whistleblower Case brought by Qui Tam Law Firm Behn & Wyetzner Chartered against Omnicare Pharmaceuticals in the State of Massachusetts
IRS Targets Groups of Taxpayers In Connection With Non-ComplianceJeffrey S. Freeman
Tax compliance is a serious issue, and with the recent FATCA updates, the government is more thorough than ever before in identifying non-compliant taxpayers among individuals who live overseas. In past years, taxpayers who were suspected of fraud were primarily targeted for investigation on an individual basis. Now however, the IRS is going after entire groups of people who are suspected of non-compliance.
A hybrid car may be right for someone depending on their driving habits as they offer tax credits, excellent resale value, and efficient gas consumption compared to traditional vehicles. Hybrids use both a gas and electric motor where the gas motor ranges from 18 to 60 mpg in the city and 21 to 66 mpg on highways depending on the make and size, while the electric motor gives the gas engine an extra boost or may power the car entirely. Anyone interested in learning more or purchasing a hybrid should speak to the loan department manager at their mention.
The Boulder Group is marketing a net lease investment property occupied by Long John Silver's and A&W Restaurant in Dayton, OH. The 2,246 SF property has 11 years remaining on its triple net lease with 1.5% annual rent increases and two 5-year renewal options. It is located on a primary thoroughfare with access to a nearby interstate, experiencing over 118,000 vehicles per day. Long John Silver's and A&W Restaurant are well-established national tenants, with the lease guaranteed by franchisee Affinity Fletcher.
This document discusses issues around transparency and corruption in the allocation of oil contracts and licenses in Africa. It finds that governments in Angola and Nigeria often lack transparency in how they choose companies for oil contracts and licenses. In some cases it appears companies have been given special access, raising doubts about the integrity of the process. It also notes that governments sometimes award licenses to companies whose true owners, or beneficial owners, are hidden, raising suspicions that government officials or their proxies may own some companies. The document recommends measures like public disclosure of license allocation rationales and beneficial ownership to increase transparency and reduce corruption.
Investment Rules in Trade Agreements: Korea-U.S. FTA and BeyondInstPolicyStudies
This document summarizes investment rules in US trade agreements like the Korea-US FTA and discusses some controversial cases where corporations have sued governments using these rules. It also addresses arguments commonly made in support of the current rules and responses to these arguments. Some key points are:
- The rules allow foreign investors to sue governments in international tribunals for actions that reduce investment value and seek massive compensation payments.
- This has put a "chilling effect" on responsible policymaking in areas like health, environment and economic development.
- The document discusses some cases where corporations have sued using these rules to challenge measures like cigarette packaging restrictions, mining permit denials, and environmental bans.
- It argues the foreign investment boom
- Goodyear voluntarily disclosed to the SEC that two of its subsidiaries paid $3.2 million in bribes between 2007-2011 to secure contracts worth $14 million. The SEC imposed a $16 million penalty representing the profits from the contracts.
- Whether voluntary disclosure is beneficial depends on the seriousness of the misconduct and quality of disclosure/cooperation. The article analyzes several cases where voluntary disclosure resulted in lesser penalties and cases without disclosure that faced larger fines.
- Voluntary disclosure combined with full cooperation and remediation tends to be rewarded most, while partial disclosure or noncooperation can lead to larger penalties. The best outcome comes from preventing misconduct through strong controls rather than disclosure after the fact
USA: State & Local Tax Top Stories of 2015Alex Baulf
2015 was notable in large part due to a series of decisions issued by state and federal courts which could pave the way for future resolution of several gray areas in state and local taxation. For example, the U.S. Supreme Court issued several major decisions impacting state and local taxes, including Obergefell v. Hodges and Comptroller of the Treasury v. Wynne. In Obergefell, the Court held that same-sex couples had the right to marry. States that did not recognize same-sex marriage prior to the decision issued guidance on filing returns after Obergefell. In Wynne, the Court determined that the failure of Maryland law to allow a credit against county personal income tax for Maryland residents for their pass-through income from an S corporation’s out-of-state activities that was taxed by other states was unconstitutional.
State and local tax: Top stories of 2015Andrea Platt
The document summarizes key state and local tax developments from 2015, including:
1) The US Supreme Court's Wynne decision determined Maryland's tax system violated the Commerce Clause by not allowing a credit for taxes paid to other states, costing Maryland $200 million in refunds.
2) Alabama enacted a regulation requiring out-of-state sellers to collect sales tax without a physical presence, testing the boundaries of the Quill decision.
3) Iowa and Kansas began allowing credits against local taxes paid in other states in response to Wynne.
The document is an opinion piece criticizing the title insurance monopoly's lobbying efforts to eliminate consumer choice and competition from attorney opinion letters (AOLs). It notes that the title insurance industry, controlled by four conglomerates, generates $26 billion annually while paying out less than 3% in claims. The piece argues that AOLs provide a valid lower-cost alternative to title insurance and that the monopoly's lobbyist, ALTA, is pressuring Congress and agencies to restrict the acceptance of AOLs. It accuses ALTA and industry representatives of misleading comparisons between AOLs and title insurance products in order to protect the monopoly's profits and market dominance.
The document is an opinion piece criticizing the title insurance monopoly's lobbying efforts to eliminate consumer choice and competition from attorney opinion letters (AOLs). It notes that the title insurance industry, controlled by four conglomerates, generates $26 billion annually while paying out less than 3% in claims. The piece argues that AOLs provide a valid lower-cost alternative to title insurance and that the monopoly's efforts to ban AOLs through Congress and government agencies are anti-competitive and deny consumer choice. It warns that consumer advocates may pursue antitrust investigations into the monopoly's conduct.
The document is an opinion piece criticizing the title insurance monopoly's lobbying efforts to eliminate consumer choice and competition from attorney opinion letters (AOLs). It notes that the title insurance industry, controlled by four conglomerates, generates $26 billion annually while paying out less than 3% in claims. The piece argues that AOLs provide a valid lower-cost alternative to title insurance and that the monopoly's efforts to ban AOLs through lobbying Congress denies consumer choice and competition. It concludes that lenders and consumers deserve alternatives to the high-cost title insurance monopoly.
The document is an opinion piece criticizing the title insurance monopoly's lobbying efforts to eliminate consumer choice and competition from attorney opinion letters (AOLs). It notes that the title insurance industry, controlled by four conglomerates, generates $26 billion annually while paying out less than 3% in claims. The piece argues that AOLs provide a valid lower-cost alternative to title insurance and that the monopoly's efforts to ban AOLs through lobbying Congress are anti-competitive and deny consumer choice. It concludes by stating that lenders and consumers deserve choice in loan closing options.
The document is an opinion piece criticizing the title insurance monopoly's lobbying efforts to eliminate consumer choice and competition from attorney opinion letters (AOLs). It notes that the title insurance industry, controlled by four conglomerates, generates $26 billion annually while paying out less than 3% in claims. The piece argues that AOLs provide a valid lower-cost alternative to title insurance and that the monopoly's efforts to ban AOLs through lobbying Congress are anti-competitive and deny consumer choice. It concludes by stating that lenders and consumers deserve choice in loan closing options.
ALTA, which represents the title insurance monopoly, is criticized for promoting anti-consumer and anti-
competition rhetoric to protect its monopoly. The document outlines how the title insurance industry generates
billions in revenue while paying out low claims percentages. It also notes that Freddie Mac and Fannie Mae now
allow for lower-cost alternatives like attorney opinion letters. The document argues that ALTA spreads propaganda
against alternatives to title insurance to protect its monopoly, though consumers and lenders deserve choice in
closing services.
ALTA, which represents the title insurance monopoly, is criticized for promoting anti-consumer and anti-
competition rhetoric to protect its monopoly. The document discusses how ALTA denigrates consumer choice in
mortgage closing services and alternatives to title insurance. It notes that while the title insurance industry made
$26 billion in 2021, it paid out less than 3% in claims, and that 75% of land title searches found clean title
rendering insurance unnecessary. The document argues that alternatives like attorney opinion letters authorized
by Fannie Mae and Freddie Mac provide valuable lower-cost options for consumers, and that ALTA's rhetoric
claiming such alternatives threaten the industry lacks merit.
iTitleTransfer Introduces Anti-Monopoly, Pro-Costumer Choice "Alternative to Title Insurance" for a Third of the Closing Cost, Authorized by Fannie Mae and Freddie Mac, utilizing Real Estate Attorney Opinion Letters.
An ebook published by the law firm Porter Wright Morris & Arthur LLP. Contains several blog posts they've published on the topic of oil and gas lease issues for landowners. Our favorite article: My Sister is a Fractivist and Won’t Sign an Oil and Gas Lease. What Can We Do?
Find the all-new Honda Civic in Huntsville at your top rated AL Honda dealer. Jerry Damson Honda has the new Honda Civic you're looking for at the best prices and with the best financing you need. Visit us today!
This document proposes an alternative to rigid installment premium health insurance called Percentages As You Earn (%PAYE) Mutual Medical Finansurance. It argues that %PAYE financing has 400 years of precedent in America and would make government mandates for health insurance unnecessary. %PAYE would involve individuals paying a percentage of their fluctuating incomes for medical coverage, similar to historical systems. The proposal asks the Supreme Court to consider these historical precedents and create a judicial health plan based on %PAYE financing rather than relying on existing government programs and mandates.
The organic growth of the cannabis industry in therock73
This document discusses the growth of the legal cannabis industry in the United States and the conflicts between state and federal laws that have curtailed its potential. It provides details on how states like Colorado, Washington, and California have legalized cannabis for medical or recreational use and generated billions in tax revenues, but federal prohibition has prevented the cannabis sector from reaching its full economic potential and has caused regulatory uncertainty. The conflict between international drug treaties and domestic state laws is also discussed.
Qui Tam Action Legal Papers Brought by Bernard Lisitza Against Pharmacy Compa...Behn Wyetzner, Chartered
Legal Motion Documentation on Medical Fraud Whistleblower Case brought by Qui Tam Law Firm Behn & Wyetzner Chartered against Omnicare Pharmaceuticals in the State of Massachusetts
IRS Targets Groups of Taxpayers In Connection With Non-ComplianceJeffrey S. Freeman
Tax compliance is a serious issue, and with the recent FATCA updates, the government is more thorough than ever before in identifying non-compliant taxpayers among individuals who live overseas. In past years, taxpayers who were suspected of fraud were primarily targeted for investigation on an individual basis. Now however, the IRS is going after entire groups of people who are suspected of non-compliance.
A hybrid car may be right for someone depending on their driving habits as they offer tax credits, excellent resale value, and efficient gas consumption compared to traditional vehicles. Hybrids use both a gas and electric motor where the gas motor ranges from 18 to 60 mpg in the city and 21 to 66 mpg on highways depending on the make and size, while the electric motor gives the gas engine an extra boost or may power the car entirely. Anyone interested in learning more or purchasing a hybrid should speak to the loan department manager at their mention.
The Boulder Group is marketing a net lease investment property occupied by Long John Silver's and A&W Restaurant in Dayton, OH. The 2,246 SF property has 11 years remaining on its triple net lease with 1.5% annual rent increases and two 5-year renewal options. It is located on a primary thoroughfare with access to a nearby interstate, experiencing over 118,000 vehicles per day. Long John Silver's and A&W Restaurant are well-established national tenants, with the lease guaranteed by franchisee Affinity Fletcher.
This document discusses issues around transparency and corruption in the allocation of oil contracts and licenses in Africa. It finds that governments in Angola and Nigeria often lack transparency in how they choose companies for oil contracts and licenses. In some cases it appears companies have been given special access, raising doubts about the integrity of the process. It also notes that governments sometimes award licenses to companies whose true owners, or beneficial owners, are hidden, raising suspicions that government officials or their proxies may own some companies. The document recommends measures like public disclosure of license allocation rationales and beneficial ownership to increase transparency and reduce corruption.
Investment Rules in Trade Agreements: Korea-U.S. FTA and BeyondInstPolicyStudies
This document summarizes investment rules in US trade agreements like the Korea-US FTA and discusses some controversial cases where corporations have sued governments using these rules. It also addresses arguments commonly made in support of the current rules and responses to these arguments. Some key points are:
- The rules allow foreign investors to sue governments in international tribunals for actions that reduce investment value and seek massive compensation payments.
- This has put a "chilling effect" on responsible policymaking in areas like health, environment and economic development.
- The document discusses some cases where corporations have sued using these rules to challenge measures like cigarette packaging restrictions, mining permit denials, and environmental bans.
- It argues the foreign investment boom
- Goodyear voluntarily disclosed to the SEC that two of its subsidiaries paid $3.2 million in bribes between 2007-2011 to secure contracts worth $14 million. The SEC imposed a $16 million penalty representing the profits from the contracts.
- Whether voluntary disclosure is beneficial depends on the seriousness of the misconduct and quality of disclosure/cooperation. The article analyzes several cases where voluntary disclosure resulted in lesser penalties and cases without disclosure that faced larger fines.
- Voluntary disclosure combined with full cooperation and remediation tends to be rewarded most, while partial disclosure or noncooperation can lead to larger penalties. The best outcome comes from preventing misconduct through strong controls rather than disclosure after the fact
USA: State & Local Tax Top Stories of 2015Alex Baulf
2015 was notable in large part due to a series of decisions issued by state and federal courts which could pave the way for future resolution of several gray areas in state and local taxation. For example, the U.S. Supreme Court issued several major decisions impacting state and local taxes, including Obergefell v. Hodges and Comptroller of the Treasury v. Wynne. In Obergefell, the Court held that same-sex couples had the right to marry. States that did not recognize same-sex marriage prior to the decision issued guidance on filing returns after Obergefell. In Wynne, the Court determined that the failure of Maryland law to allow a credit against county personal income tax for Maryland residents for their pass-through income from an S corporation’s out-of-state activities that was taxed by other states was unconstitutional.
State and local tax: Top stories of 2015Andrea Platt
The document summarizes key state and local tax developments from 2015, including:
1) The US Supreme Court's Wynne decision determined Maryland's tax system violated the Commerce Clause by not allowing a credit for taxes paid to other states, costing Maryland $200 million in refunds.
2) Alabama enacted a regulation requiring out-of-state sellers to collect sales tax without a physical presence, testing the boundaries of the Quill decision.
3) Iowa and Kansas began allowing credits against local taxes paid in other states in response to Wynne.
The document is an opinion piece criticizing the title insurance monopoly's lobbying efforts to eliminate consumer choice and competition from attorney opinion letters (AOLs). It notes that the title insurance industry, controlled by four conglomerates, generates $26 billion annually while paying out less than 3% in claims. The piece argues that AOLs provide a valid lower-cost alternative to title insurance and that the monopoly's lobbyist, ALTA, is pressuring Congress and agencies to restrict the acceptance of AOLs. It accuses ALTA and industry representatives of misleading comparisons between AOLs and title insurance products in order to protect the monopoly's profits and market dominance.
The document is an opinion piece criticizing the title insurance monopoly's lobbying efforts to eliminate consumer choice and competition from attorney opinion letters (AOLs). It notes that the title insurance industry, controlled by four conglomerates, generates $26 billion annually while paying out less than 3% in claims. The piece argues that AOLs provide a valid lower-cost alternative to title insurance and that the monopoly's efforts to ban AOLs through Congress and government agencies are anti-competitive and deny consumer choice. It warns that consumer advocates may pursue antitrust investigations into the monopoly's conduct.
The document is an opinion piece criticizing the title insurance monopoly's lobbying efforts to eliminate consumer choice and competition from attorney opinion letters (AOLs). It notes that the title insurance industry, controlled by four conglomerates, generates $26 billion annually while paying out less than 3% in claims. The piece argues that AOLs provide a valid lower-cost alternative to title insurance and that the monopoly's efforts to ban AOLs through lobbying Congress denies consumer choice and competition. It concludes that lenders and consumers deserve alternatives to the high-cost title insurance monopoly.
The document is an opinion piece criticizing the title insurance monopoly's lobbying efforts to eliminate consumer choice and competition from attorney opinion letters (AOLs). It notes that the title insurance industry, controlled by four conglomerates, generates $26 billion annually while paying out less than 3% in claims. The piece argues that AOLs provide a valid lower-cost alternative to title insurance and that the monopoly's efforts to ban AOLs through lobbying Congress are anti-competitive and deny consumer choice. It concludes by stating that lenders and consumers deserve choice in loan closing options.
The document is an opinion piece criticizing the title insurance monopoly's lobbying efforts to eliminate consumer choice and competition from attorney opinion letters (AOLs). It notes that the title insurance industry, controlled by four conglomerates, generates $26 billion annually while paying out less than 3% in claims. The piece argues that AOLs provide a valid lower-cost alternative to title insurance and that the monopoly's efforts to ban AOLs through lobbying Congress are anti-competitive and deny consumer choice. It concludes by stating that lenders and consumers deserve choice in loan closing options.
ALTA, which represents the title insurance monopoly, is criticized for promoting anti-consumer and anti-
competition rhetoric to protect its monopoly. The document outlines how the title insurance industry generates
billions in revenue while paying out low claims percentages. It also notes that Freddie Mac and Fannie Mae now
allow for lower-cost alternatives like attorney opinion letters. The document argues that ALTA spreads propaganda
against alternatives to title insurance to protect its monopoly, though consumers and lenders deserve choice in
closing services.
ALTA, which represents the title insurance monopoly, is criticized for promoting anti-consumer and anti-
competition rhetoric to protect its monopoly. The document discusses how ALTA denigrates consumer choice in
mortgage closing services and alternatives to title insurance. It notes that while the title insurance industry made
$26 billion in 2021, it paid out less than 3% in claims, and that 75% of land title searches found clean title
rendering insurance unnecessary. The document argues that alternatives like attorney opinion letters authorized
by Fannie Mae and Freddie Mac provide valuable lower-cost options for consumers, and that ALTA's rhetoric
claiming such alternatives threaten the industry lacks merit.
iTitleTransfer Introduces Anti-Monopoly, Pro-Costumer Choice "Alternative to Title Insurance" for a Third of the Closing Cost, Authorized by Fannie Mae and Freddie Mac, utilizing Real Estate Attorney Opinion Letters.
An ebook published by the law firm Porter Wright Morris & Arthur LLP. Contains several blog posts they've published on the topic of oil and gas lease issues for landowners. Our favorite article: My Sister is a Fractivist and Won’t Sign an Oil and Gas Lease. What Can We Do?
Page 858488 A.2d 858 (Del. 1985)Alden SMITH and John W.docxalfred4lewis58146
Page 858
488 A.2d 858 (Del. 1985)
Alden SMITH and John W. Gosselin, Plaintiffs Below,
Appellants,
v.
Jerome W. VAN GORKOM, Bruce S. Chelberg,
William B. Johnson,
Joseph B. Lanterman, Graham J. Morgan, Thomas P.
O'Boyle, W.
Allen Wallis, Sidney H. Bonser, William D. Browder,
Trans
Union Corporation, a Delaware corporation, Marmon
Group,
Inc., a Delaware corporation, GL Corporation, a
Delaware
corporation, and New T. Co., a Delaware corporation,
Defendants Below, Appellees.
Supreme Court of Delaware.
January 29, 1985
Submitted: June 11, 1984.
Opinion on Denial of Reargument: March 14, 1985.
Page 859
[Copyrighted Material Omitted]
Page 860
[Copyrighted Material Omitted]
Page 861
[Copyrighted Material Omitted]
Page 862
[Copyrighted Material Omitted]
Page 863
Upon appeal from the Court of Chancery. Reversed
and Remanded.
William Prickett (argued) and James P. Dalle Pazze,
of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington,
and Ivan Irwin, Jr. and Brett A. Ringle, of Shank, Irwin,
Conant & Williamson, Dallas, Tex., of counsel, for
plaintiffs below, appellants.
Robert K. Payson (argued) and Peter M. Sieglaff of
Potter, Anderson & Corroon, Wilmington, for individual
defendants below, appellees.
Lewis S. Black, Jr., A. Gilchrist Sparks, III (argued)
and Richard D. Allen, of Morris, Nichols, Arsht &
Tunnell, Wilmington, for Trans Union Corp., Marmon
Group, Inc., GL Corp. and New T. Co., defendants
below, appellees.
Before HERRMANN, C.J., and McNEILLY,
HORSEY, MOORE and CHRISTIE, JJ., constituting the
Court en banc.
HORSEY, Justice (for the majority):
This appeal from the Court of Chancery involves a
class action brought by shareholders of the defendant
Trans Union Corporation ("Trans Union" or "the
Company"), originally seeking rescission of a cash-out
merger of Trans Union into the defendant New T
Company ("New T"), a wholly-owned subsidiary of the
defendant, Marmon Group, Inc. ("Marmon"). Alternate
relief in the form of damages is sought against the
defendant members of the Board of Directors of Trans
Union,
Page 864New T, and Jay A. Pritzker and Robert A.
Pritzker, owners of Marmon. [1]
Following trial, the former Chancellor granted
judgment for the defendant directors by unreported letter
opinion dated July 6, 1982. [2] Judgment was based on
two findings: (1) that the Board of Directors had acted in
an informed manner so as to be entitled to protection of
the business judgment rule in approving the cash-out
merger; and (2) that the shareholder vote approving the
merger should not be set aside because the stockholders
had been "fairly informed" by the Board of Directors
before voting thereon. The plaintiffs appeal.
Speaking for the majority of the Court, we conclude
that both rulings of the Court of Chancery are clearly
erroneous. Therefore,.
In this webinar co-hosted with international tax expert Selva Ozelli we learn how to improve your company's compliance with foreign corrupt practices Act (FCPA), and third party due diligence/risk management, AND guard against FCPA and tax penalties.
You can watch full recordings of the webinar here; https://mco.mycomplianceoffice.com/mco-webinar/is-this-bribe-tax-deductible
The document summarizes recent developments in criminal antitrust enforcement. It discusses fines and sentencing for price fixing in various industries such as electronic books, health care, freight forwarding, and LCD panels. Regulators have increased litigation efforts and obtained convictions and sizable fines in recent cases, showing a stronger commitment to deterring anticompetitive conduct through criminal prosecution.
FCPA Guidance for High Risk Regions - Haynes and BooneMiles Indest
The document discusses guidance for companies on managing FCPA risks when using intermediaries in foreign business dealings. It summarizes recent FCPA enforcement actions by the DOJ and SEC against companies for improper payments made through third parties. It provides preliminary guidelines for companies to help reduce FCPA risks, including conducting thorough due diligence of intermediaries, having strong compliance mechanisms in written contracts, and ongoing monitoring of third party relationships. SEC officials emphasize the need for companies to be truthful about overseas consulting agreements.
Similar to ERIC AMOAKO ;MONITORING THE OPERATIONS OF INTERNATIONAL OIL COMPANIES IN GHANA. A PERSPECTIVE AND CALL TO ACTION (20)
This presentation by Thibault Schrepel, Associate Professor of Law at Vrije Universiteit Amsterdam University, was made during the discussion “Artificial Intelligence, Data and Competition” held at the 143rd meeting of the OECD Competition Committee on 12 June 2024. More papers and presentations on the topic can be found at oe.cd/aicomp.
This presentation was uploaded with the author’s consent.
This presentation by OECD, OECD Secretariat, was made during the discussion “Competition and Regulation in Professions and Occupations” held at the 77th meeting of the OECD Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found at oe.cd/crps.
This presentation was uploaded with the author’s consent.
Carrer goals.pptx and their importance in real lifeartemacademy2
Career goals serve as a roadmap for individuals, guiding them toward achieving long-term professional aspirations and personal fulfillment. Establishing clear career goals enables professionals to focus their efforts on developing specific skills, gaining relevant experience, and making strategic decisions that align with their desired career trajectory. By setting both short-term and long-term objectives, individuals can systematically track their progress, make necessary adjustments, and stay motivated. Short-term goals often include acquiring new qualifications, mastering particular competencies, or securing a specific role, while long-term goals might encompass reaching executive positions, becoming industry experts, or launching entrepreneurial ventures.
Moreover, having well-defined career goals fosters a sense of purpose and direction, enhancing job satisfaction and overall productivity. It encourages continuous learning and adaptation, as professionals remain attuned to industry trends and evolving job market demands. Career goals also facilitate better time management and resource allocation, as individuals prioritize tasks and opportunities that advance their professional growth. In addition, articulating career goals can aid in networking and mentorship, as it allows individuals to communicate their aspirations clearly to potential mentors, colleagues, and employers, thereby opening doors to valuable guidance and support. Ultimately, career goals are integral to personal and professional development, driving individuals toward sustained success and fulfillment in their chosen fields.
This presentation by Professor Alex Robson, Deputy Chair of Australia’s Productivity Commission, was made during the discussion “Competition and Regulation in Professions and Occupations” held at the 77th meeting of the OECD Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found at oe.cd/crps.
This presentation was uploaded with the author’s consent.
Why Psychological Safety Matters for Software Teams - ACE 2024 - Ben Linders.pdfBen Linders
Psychological safety in teams is important; team members must feel safe and able to communicate and collaborate effectively to deliver value. It’s also necessary to build long-lasting teams since things will happen and relationships will be strained.
But, how safe is a team? How can we determine if there are any factors that make the team unsafe or have an impact on the team’s culture?
In this mini-workshop, we’ll play games for psychological safety and team culture utilizing a deck of coaching cards, The Psychological Safety Cards. We will learn how to use gamification to gain a better understanding of what’s going on in teams. Individuals share what they have learned from working in teams, what has impacted the team’s safety and culture, and what has led to positive change.
Different game formats will be played in groups in parallel. Examples are an ice-breaker to get people talking about psychological safety, a constellation where people take positions about aspects of psychological safety in their team or organization, and collaborative card games where people work together to create an environment that fosters psychological safety.
This presentation by OECD, OECD Secretariat, was made during the discussion “Pro-competitive Industrial Policy” held at the 143rd meeting of the OECD Competition Committee on 12 June 2024. More papers and presentations on the topic can be found at oe.cd/pcip.
This presentation was uploaded with the author’s consent.
XP 2024 presentation: A New Look to Leadershipsamililja
Presentation slides from XP2024 conference, Bolzano IT. The slides describe a new view to leadership and combines it with anthro-complexity (aka cynefin).
This presentation by Tim Capel, Director of the UK Information Commissioner’s Office Legal Service, was made during the discussion “The Intersection between Competition and Data Privacy” held at the 143rd meeting of the OECD Competition Committee on 13 June 2024. More papers and presentations on the topic can be found at oe.cd/ibcdp.
This presentation was uploaded with the author’s consent.
This presentation by Nathaniel Lane, Associate Professor in Economics at Oxford University, was made during the discussion “Pro-competitive Industrial Policy” held at the 143rd meeting of the OECD Competition Committee on 12 June 2024. More papers and presentations on the topic can be found at oe.cd/pcip.
This presentation was uploaded with the author’s consent.
Suzanne Lagerweij - Influence Without Power - Why Empathy is Your Best Friend...Suzanne Lagerweij
This is a workshop about communication and collaboration. We will experience how we can analyze the reasons for resistance to change (exercise 1) and practice how to improve our conversation style and be more in control and effective in the way we communicate (exercise 2).
This session will use Dave Gray’s Empathy Mapping, Argyris’ Ladder of Inference and The Four Rs from Agile Conversations (Squirrel and Fredrick).
Abstract:
Let’s talk about powerful conversations! We all know how to lead a constructive conversation, right? Then why is it so difficult to have those conversations with people at work, especially those in powerful positions that show resistance to change?
Learning to control and direct conversations takes understanding and practice.
We can combine our innate empathy with our analytical skills to gain a deeper understanding of complex situations at work. Join this session to learn how to prepare for difficult conversations and how to improve our agile conversations in order to be more influential without power. We will use Dave Gray’s Empathy Mapping, Argyris’ Ladder of Inference and The Four Rs from Agile Conversations (Squirrel and Fredrick).
In the session you will experience how preparing and reflecting on your conversation can help you be more influential at work. You will learn how to communicate more effectively with the people needed to achieve positive change. You will leave with a self-revised version of a difficult conversation and a practical model to use when you get back to work.
Come learn more on how to become a real influencer!
This presentation by Katharine Kemp, Associate Professor at the Faculty of Law & Justice at UNSW Sydney, was made during the discussion “The Intersection between Competition and Data Privacy” held at the 143rd meeting of the OECD Competition Committee on 13 June 2024. More papers and presentations on the topic can be found at oe.cd/ibcdp.
This presentation was uploaded with the author’s consent.
The importance of sustainable and efficient computational practices in artificial intelligence (AI) and deep learning has become increasingly critical. This webinar focuses on the intersection of sustainability and AI, highlighting the significance of energy-efficient deep learning, innovative randomization techniques in neural networks, the potential of reservoir computing, and the cutting-edge realm of neuromorphic computing. This webinar aims to connect theoretical knowledge with practical applications and provide insights into how these innovative approaches can lead to more robust, efficient, and environmentally conscious AI systems.
Webinar Speaker: Prof. Claudio Gallicchio, Assistant Professor, University of Pisa
Claudio Gallicchio is an Assistant Professor at the Department of Computer Science of the University of Pisa, Italy. His research involves merging concepts from Deep Learning, Dynamical Systems, and Randomized Neural Systems, and he has co-authored over 100 scientific publications on the subject. He is the founder of the IEEE CIS Task Force on Reservoir Computing, and the co-founder and chair of the IEEE Task Force on Randomization-based Neural Networks and Learning Systems. He is an associate editor of IEEE Transactions on Neural Networks and Learning Systems (TNNLS).
This presentation by Yong Lim, Professor of Economic Law at Seoul National University School of Law, was made during the discussion “Artificial Intelligence, Data and Competition” held at the 143rd meeting of the OECD Competition Committee on 12 June 2024. More papers and presentations on the topic can be found at oe.cd/aicomp.
This presentation was uploaded with the author’s consent.
Artificial Intelligence, Data and Competition – LIM – June 2024 OECD discussion
ERIC AMOAKO ;MONITORING THE OPERATIONS OF INTERNATIONAL OIL COMPANIES IN GHANA. A PERSPECTIVE AND CALL TO ACTION
1. TRUST BUT VERIFY: MONITORING THE OPERATIONS OF INTERNATIONAL OIL COMPANIES IN
GHANA. A PERSPECTIVE AND CALL TO ACTION.
A former Chief Executive Officer of the Ghana National Petroleum Company in an almost
apologetic tone recently denied that Ghana was being cheated by foreign oil companies due to
the method used in collecting taxes from them. He further opined that “it is myopic to think the
multinational companies are shortchanging Ghana”. He explained that the multinational
companies have to recoup their investments and that Ghana would begin making more money
from the oil fields after the investments made by the oil companies are paid.
This statement would be befuddling for its naiveté if made by a freshman oil and gas accounting
student; it would also be expected from a lobbyist or spokesperson for an International Oil
Company (‘IOC”); but for it to emanate from the head of a national oil company, mandated to
be the gatekeeper and watchdog of Ghana’s non-renewable oil and gas resources is pretty
startling. With friends like that, who needs enemies, as the adage goes.
After pondering at length as to what might have triggered this unequivocal expression of
confidence and trust in the integrity and credibility of the IOC’s, three explanations came to
mind:
1. Institutional indoctrination and brainwashing coupled with lack of experience and
knowledge of the inner workings of the IOC’s.
2. Classic case of what is referred to as “regulatory capture”, where the regulator forgets
his or her loyalty to the people or nation he represents because he/she interacts and
socializes with colleagues from the IOC’S on a frequent basis.
3. Non -familiarity with the history of accounting and reporting malfeasance committed by
the IOC’s on unsuspecting nations and regulators since the days of Lawrence of Arabia.
None of these explanations however augur well for the country in terms of ensuring that the
country receives an accurate share of its entitlement in the underlying Petroleum Agreements
which govern the relationship with the IOC’s. While not indicting the entire IOC fraternity, it
would behoove any regulator to exercise a certain measure of cynicism and caution in dealing
with the IOC’s due to past evidence and occurrences of deliberate underreporting of the value of
resources and accounting malfeasance committed by several IOC’s.
Over the past 15 years, oil companies in the United States have paid more than $3 billion to
resolve charges that they “regularly cheated the U.S. government and Native American
communities out of royalties and gas leases,” according to a new report based on research by
the Thompson Reuters Foundation.
This inevitably raises concerns that they might use, if they are not already, using similar
techniques to underpay citizens in underdeveloped countries for their resource wealth. It is not a
2. coincidence that many of the companies that have had to pay major penalties, back payments,
and settle lawsuits accusing them of fraudulently underpaying royalties are some of the same
companies are leading the fight against revenue transparency in the United States States and
around the world. The aforementioned Thompson Reuters Foundation focuses particularly on
Shell and ExxonMobil (which coincidentally is about to commence exploration and development
operations in Ghana), who have settled lawsuits and paid significant sums of penalties and back
payments on multiple occasions based on accusations of knowingly and fraudulently
underestimating the value of oil and gas to lower their royalty payments and submitting false
data to the US government.
In the lawsuits settled with the U.S. government, lawyers and whistleblowers have alleged that
it's relatively easy for energy companies to fudge their numbers using dubious accounting
techniques and outright fraud. Audits and compliance checks by the Office of Natural Resources
Revenue, the U.S. agency charged with managing America’s energy and mineral leases, similarly
have found billions in corporate underpayments on oil and gas leases since 1998. In total, the
Department of Justice and the Office of Natural Resources Revenue (ONRR) have
collected $3.014 billion from settlements, fines and audits, according to the research,
compared with $11 billion in revenues the U.S. government collects on average each year from
oil, gas and mining leases.
Over two-thirds of the money, or $2.221 billion, was from audits conducted by ONRR to check
whether royalties were accurately calculated. In the cases brought by the Department of Justice
under the False Claims Act, six of the world's 10 largest oil companies based on revenues
accounted for 75 percent of the $739.2 million in settlements, including $168 million paid by
Shell and $84 million by Exxon. As a senior policy advisor for a United States policy think tank
campaigning for greater transparency in the oil and gas business has poignantly stated "If this is
happening in the U.S, where we have a strong legal and regulatory system, which should in
theory reduce the incentives for this type of behavior, it’s very likely to be happening around
the world, especially in places with much weaker governance systems".
Other major oil companies have been accused of similar wrongdoing. Chevron agreed to pay
more than $45 million in 2009 to resolve allegations under the False Claims Act that it
“systematically under reported the value of natural gas” produced from Federal and Indian
leases for more than a decade. BP paid more than $20 million in 2011 to resolve similar claims
of knowingly underpaying royalties.
The case of Texas wildcatter, Harold Eugene Wright should provide a cautionary tale for all
regulators regarding their dealings with the major oil companies. Wright battled some of the
country’s biggest oil companies for 14 years before he died in 2008. At a hearing on industry
3. practices before the Senate Finance Committee in Washington, he overheard an ExxonMobil
official saying lease holders were in the dark about how much money they were entitled to, so
it paid them whatever Exxon thought would keep them happy. ExxonMobil had wells on some
of Wright's land and he had enough experience in the oil industry to roughly calculate the
royalties he was owed and informed the company that he believed they were underpaying
him. Exxon sent him $25,000 without any questions. So he wrote another letter stating that the
payment was insufficient and they sent him more money. At that point, Wright knew the oil
company was hiding something. And when he found out the extent of the deceit, he was
outraged – not only had he and other private leaseholders been duped , but so had the U.S.
taxpayer.
Wright sued more than a dozen oil and gas companies in 1996, including Shell and ExxonMobil,
on behalf of the U.S. government claiming contract fraud. The suit revealed the many schemes
that the companies allegedly used to under pay the government – accounting sleights of hand
such as rigging the prices by putting gas in storage when prices were low and then paying
royalties on that amount instead of the market price; and under-measuring the amount of
natural gas and oil that was produced from the leasehold. Wright's experience in the oil
industry allowed him to see that he was being cheated but most people and countries don't
have the expertise to figure out if they are getting their fair share from oil companies. It's very
difficult to determine whether a company is paying the right amount of royalties because they
control the entire operations and so much of the business happens behind closed doors.
Suits continued by the Justice Department after Wright’s death resulted in settlements by Shell
and ExxonMobil companies in the amounts of $110 million in 2001 and $32.2 million in 2010 to
claims that they knowingly underpaid royalties to the federal government.
Other big companies settlements under the False Claims Act include $56 million payment to
the federal government by Shell in 2000 for underpayment of gas royalties in the Gulf of
Mexico, a $66.8 million jury award in 2009 against Shell for fraud and breach of fiduciary duty
over an Oklahoma oil field lease. Shell also is listed by the Office of Natural Resources Revenue
for paying its largest civil penalty, $21.8 million, for knowingly submitting false and misleading
data about oil and gas extracted at its Augur platform in the Gulf of Mexico in the 1990s.
In overseas operations, foreign companies can take advantage of corruption and weak
governments in poor developing countries to earn extra profits at the expense of revenues that
could otherwise be used to help improve the lives of poor people, said Michael Ross, professor
of political science at the University of California, Los Angeles. Evidence of such deliberate
under-reporting and underpayments abound. The Republic of Timor-Leste and Chad have
successfully recovered substantial amounts of penalties and interest payments from
ConocoPhillips and Exxonmobil for late payment of taxes, invalid and dubious deductions, false
4. reporting of production volumes, inflated costs and illegal cost recovery. A court in Chad
handed a judgment of $76 billion against Exxon Mobil in the infamous “world’s largest lawsuit”
for unpaid royalties and back taxes. While the judgment was without doubt outrageous, it was
settled out of court for $819 million. A titan like Exxon would not fork over $800 million if they
were playing with clean hands and devoid of culpability.
In Nigeria, a report commissioned by the government identified several oil producing
companies committing offenses in the area of under-assessment/under/payments in the
Petroleum Profit Tax, and royalty validation. Specifically, Total, Shell Nigeria Limited and Mobil
were fingered in under-assessment/underpayments of $294.87 million, $53.9 million and
$49.20 million respectively in Petroleum Profit Tax; while Shell, SNEPCO and Pan-Ocean were
held liable for $73.16 million, $50.946 million and $29.006 million royalty
under-assessments/underpayment in the period under review. There are murmurings about a
small producer in Ghana who has not paid any royalties or taxes to the government despite
years of production, albeit in small volumes.
I have gone to great lengths to provide these anecdotes and actual reported incidents of
accounting malfeasance by international oil companies to illustrate how big oil companies will
play fast and loose with reports and information which forms the basis of how “profit oil” is
shared with the owners of the natural resources. By engaging in these underhanded and
patently fraudulent acts, these multinational oil companies are deliberately undermining the
economic wellbeing of the countries in which they operate by failing to remit necessary
payments as well as fulfil other statutory obligations to the countries.
The structural and operating hierarchy of upstream international oil and gas operations makes
the ability to engage in such abhorrent practices all but inevitable. Except in very few instances,
the IOC is always designated as the Operator due to their superior technical competence and
expertise, as well as their financial capacity. The Operator controls all expenditures related to
the exploration, development and production of the oil and gas. These expenditures, termed
“Cost Oil”, are deducted from any revenue generated from oil and gas sales before profits,
termed “Profit Oil” are disbursed. There is empirical evidence that in several instances, these
expenses are highly inflated and padded by the Operators in addition to engaging in dubious
cost deductions which thus reduces the amount of revenue available for disbursement as
“Profit Oil”. Chances are therefore very high that a country would be shortchanged if the
regulators fall asleep at the wheel.
LEARNING MOMENT FOR GHANA
5. Ghana as most oil producing countries depend on the IOC’s to extract and sell our non-
renewable resources, and to pay us a fair price for the oil, as well as taxes on their profits. But
the oil companies have different loyalties as their managements are beholden to their
shareholders and feel obligated to make the most money possible for their shareholders and
owners. They did not become Fortune 500 companies or become rich by giving money away to
the countries where they operate. This presents an inherent an inevitable conflict of interest
situation. The companies want to maximize profit and minimize taxes, while the country wants
to get the most money possible for its people, and to ensure that the companies are socially
and environmentally responsible.
It is therefore incumbent on Ghana as represented by GNPC to protect and look out for the
country’s interest and not expect the IOC’s to do that for the country. Should they renege on
this obligation or adopt a laissez faire and lackadaisical approach to this important obligation,
the country can become victims of the financial shenanigans of the IOC’s. In this regard, the
petroleum contractual model adopted by the country, be it Production Sharing or the Hybrid
will not guarantee an accurate receipt of the country’s proportional share of oil revenues.
Oil and Gas accounting is however, a highly intricate and complex discipline and monitoring the
operations of these companies to ensure that a country is receiving its fair share of the
extracted resources is a daunting task even in advanced countries with strong regulatory and
legal systems. This is further compounded by the disparity in resources between the IOC’S and
National Oil Companies (“NOC”). A recent article poignantly described the disparity in
resources between a NOC and an IOC operating in a country as follows:
ConocoPhillips and Eni each produced nearly ten times as much oil and gas as in the
country(sic). ConocoPhillips has 450 times as many staff as the NOC, and spent 7,000 times
as much money on operations as the GNP of the country.
While this was in reference to a specific country, it is typical and representative of the disparity
in resources in several developing oil producing countries including Ghana.
To effectively monitor the IOC’s, Ghana would have to significantly improve its human capacity
and receive expert training and guidance on the intricacies of the oil and gas business in general
and oil and gas accounting in particular. It will also have to engage external experts to
complement its local staff in performing oversight functions. While not by any means
denigrating the competence or abilities of the dedicated local staff, the skill set and experience
required to provide effective oversight and monitoring in the oil and gas industry takes years of
hands on experience to master. Ghana has been in the oil producing business for about a
decade and do not have the luxury of waiting to develop these skills as production is ongoing
and new discoveries are coming on-stream which require unabated vigilance and monitoring to
ensure the country is not being shortchanged. The external experts engaged by the country will
6. work in tandem with the local staff while they develop the requisite expertise to ensure that
we do not fall victim to financial malfeasance of the IOC’s.
While most PSC’s provide for an “independent auditor” to review the PSC reports, GNPC should
out of an abundance of caution engage its own external auditors as there have been many
reported instances of independent auditors who have not questioned a single item on the oil
companies’ documents. The independent auditor is truly not independent as they are paid by
these companies and thus emboldens the companies to make more questionable claims. GNPC
should be using its own external auditors in tandem with its internal auditors to conduct its
own audits as well as review the reports of the company paid independent auditors so as to
identify past irregularities and assess the value of such irregularities and thus level the playing
field somewhat.
The external experts in conjunction with GNPC staff should undertake forensic audit and
scrutiny of the books of the Operator, ask questions, verify and authenticate expenditures for
relevance, engage in comparative cost analysis, etc., all in a bid to ensure the country is not
being taken to the cleaners. We should not shirk our oversight responsibilities and naively
believe that the IOC’s would do the right thing by the country. The drilling rigs and platforms
used in extractive operations are located 200 kilometers or so offshore, away from the prying
eyes of the government and non-operators. To totally trust and rely on information provided by
the Operator which would form the basis for calculating our share of “profit oil”, taxes and
royalties would be foolhardy and constitute regulator malpractice.
As President Reagan inarticulately but accurately stated during the rapprochement era with
the Soviet Union, “Trust but Verify”. Aware that big brother is watching or might come
snooping, the IOC’s might be less inclined to indulge in nefarious activities due to the huge
penalties they might be faced with and industry opprobrium of being labeled a cheat if they are
discovered.
RECOMMENDATIONS
1. Close the loopholes
2. Enforce the petroleum laws more effectively and reopen the books.
3. Keep the oil companies honest
4. Enforce stiff penalties on late payment of taxes
5. Ensure capital gains tax from selling interest in a project is accurate and collected.
6. Review tax filings and Operator reports for dubious deductions.
7. 7. Audit the petroleum tax returns and operator cost reports from 2007 to present.
Although the statute of limitations may prevent looking too far back, tax returns may be
examined if fraud is discovered.
8. Increase the number of personnel and further strengthen their expertise to enable them
to monitor exploration and production operations and collect petroleum taxes more
effectively.
9. Hire external auditors to go over the books and collect “audit payments” for any
detected non-payments or malfeasance such as unreported capital gains tax,
inappropriate head office expenses, inflated operating costs, self-dealing, etc.
10. Strengthen the enforcement of the taxation laws governing the oil and gas sector.
11. Create a dedicated oil and gas tax and cost operations audit team.
I am certain that a forensic audit and scrutiny of the books of the IOC’s involved in oil
production activities in Ghana since inception, assuming the time frame provided in the
Petroleum Agreements for conducting audits has not elapsed, will result in corrective payments
of substantial amounts of money to the country which could be used for badly needed
infrastructure and other development programs.
E. Kofi Ofori Amoako, JD, LLM, MPA, MA.