The U.S. Government has agreed to consider the Socio-Economic Rights and Accountability Project’s (SERAP) request to establish a process for the sharing of proceeds from foreign bribery fines.
This was made known in a letter signed by Mr Robert Khuzami, Director, Enforcement Division of the U.S. Security and Exchange Commission (SEC), addressed to SERAP's volunteer counsel, Mr Alexander Sierck.
SERAPis a human rights group in the vanguard of the battle for the reparation of wealth corruptly stolen from Nigeria.?
It said: “The U.S. SEC will consider SERAP's request to establish an efficient case-by-case process for the payment of some or all of U.S. Foreign Corrupt Practices Act (FCPA), civil penalty and disgorgement proceeds.’’
The statement said that the payment would be “to or for the benefit of the victimised foreign government agency or the citizens of the affected foreign country like Nigeria’’.
It noted: “There is no doubt that corruption exacts an enormous toll, both human and economic, across the world.
“Moreover, as the U.S. Congress recognised it, when the FCPA was first enacted, corporate bribery is bad for business as it is fundamentally destructive of our free market system.”
The statement said that the question of identifying parties, who suffered cognisable harm in connection with the securities law violations in a given enforcement matter, was driven by the facts and circumstances of that particular case.
“We appreciate your thoughtful submission, and will give appropriate consideration to your suggestions, guided by the commission’s multi-prolonged mission, and the legal framework surrounding the federal securities laws,” it said.
In his reaction, SERAP's Executive Director, Mr Adetokunbo Mumuni, said that the group was already considering other legal options within the U.S. and internationally.
According to him, this is to ensure justice for victims of foreign bribery in Nigeria.
However, SERAP made the request through Sierck, in a letter dated March 15, 2012.? addressed to Khuzami.?