AFTER: Sleek, stylish and a joy to be in, the new bathroom is unrecognisable. Picture: realestate.com.auHe said the property’s 20 metre frontage was bigger than the standard 10 metres in New Farm.It’s also on a 607 sqm elevated block, which is classified as acreage in New Farm.Other features include Vzug kitchen appliances, a Vintec wine fridge, a self-opening dishwasher, in-ceiling speakers, a steam room shower, automated blinds and curtains and even a fireman’s pole.BEFORE: The old dingy carpet haas seen better days…Picture: realestate.com.au AFTER: 24 Bailey St, New Farm, after the renovation. Picture: realestate.com.auMarketing agent Scott Darwon of Ray White New Farm said there was nothing else like it in the blue chip suburb.“It’s the greatest architectural family home on the market in New Farm I’ve seen in the eight years I’ve been in real estate here,” Mr Darwon said.What you’ll get for $4m in BrisbaneWhere home values grow the fastestWho paid big bucks for this unitBEFORE: The interior was poretty dated before the renovation. Picture: realestate.com.auMore from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours agoAFTER: Impressive outside – and in. Picture: realestate.com.auThe home was designed by Shane Marsh Architects and developer Strathallan spared no expense creating a house for the modern family, based around integrated living areas all on one level spanning 480 sqm.The office, laundry, kitchen, living and dining areas all connect through a single 14 metre, floor to ceiling glass door to the backyard.BEFORE: The kitchen before the renovation was basic to say the least. Picture: realestate.com.au AFTER: A cosy haven now, with wonderful sunset views. Picture: realestate.com.auThe home will open for inspections for the first time on Saturday, but Mr Darwon said he had already received 10 inquiries since the listing went up yesterday.The property is being sold by negotiation, but recent comparative sales include 579 Lower Bowen Terrace, New Farm, which fetched $4.8 million and 53 Mountford Road, New Farm, which sold for $3.3 million.Follow Liz Tilley on Twitter @liztilley84 AFTER: Now it’s a kitchen fit for a master chef. Picture: realestate.com.auThere you’ll find a no-mow lawn, built-in Weber BBQ, outdoor wood burning fire place, outdoor shower and heated pool.“What people are looking for right now is consolidation of living, so you can see the kids from wherever you may be in the house,” Mr Darwon said.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREBEFORE: The bathroom wasn’t exactly a place for pampering before the reno. Picture: realestate.com.au AMAZING MAKEOVER: 24 Bailey St, New Farm, is for sale after a multi-million dollar reno. Picture: realestate.com.auTHE makeover may have cost a mint, but the results speak for themselves.A rundown, pre-war character house in one of Brisbane’s most exclusive suburbs has been dubbed ‘New Farm’s greatest family home’ after undergoing a multi-million dollar facelift.The facade and roof pitch are all that remain of the original 1930 Queenslander at 24 Bailey Street after undergoing a major renovation estimated to be worth around $1.9 million.BEFORE: 24 Bailey St, New Farm, before the renovation. Picture: realestate.com.au
NZ Herald 9 December 2014Auckland Council has been told it already has power to ban street prostitution from spots such as Hunters Corner in South Auckland after a bid to get Parliament to change the law failed.A Parliamentary committee recommended on Friday that a bill which would allow the council to pass bylaws banning commercial sex services in specified places should not be passed.MPs said it understood why Auckland Council wanted Parliament to change the law, and noted that other councils supported the local bill.But they felt that a law change was not appropriate because the issue was not limited to Auckland.The committee also believed local bodies could already regulate street prostitution – despite council officials’ advice that they would be open to a legal challenge.http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11370971
Usain Bolt The world’s fastest man Usain ‘Lightning’ Bolt says he harbors no fear of losing further relay medals should future tests reveal doping violations by teammates.Bolt, former world record holder Asafa Powell and Michael Frater were stripped of their 2008 Olympic 4x100m relay gold medal when first leg runner Nesta Carter tested positive for methylhexaneamine after samples were re-tested.Bolt’s Olympic medal tally was reduced to eight instead of nine as a result, robbing him of the famous triple-triple accolade in the process.The medals lost could, however, be quite significant for the global icon should Carter’s samples fail to pass the future re-tests.Carter was the starter in the 2012 Olympic Games relay team and 2011, 2013 and 2015 World Championship teams. The 31-year-old Carter has since appealed the ruling to the Court of Arbitration for Sports (CAS).“Even if I lose all my relay gold medals, for me, I did what I had to do, my personal goals,” Bolt said in a recent CNN interview.The sprinter has ruled out an appearance at the 2022 Olympic Games in Tokyo, Japan.“Maybe if it had come before the Olympics, maybe it would have taken away a little from me, and then I would have thought about it, but the fact that I got the chance to say, ‘the triple-triple,’ kind of made me feel good,” he said.
This post summarized the recent SEC Foreign Corrupt Practices Act enforcement action against AstraZeneca in which the company, without admitting or denying the SEC’s findings, agreed to cough up $5.5 million.This post continues the analysis by highlighting additional issues to consider.TimelineIn an August 9, 2010 filing, AstraZeneca first disclosed:“AstraZeneca PLC has received inquiries from the US Department of Justice and the Securities and Exchange Commission in connection with an investigation into Foreign Corrupt Practices Act issues in the pharmaceutical industry. AstraZeneca is cooperating with their inquiries.”Thus from start to finish, AstraZeneca’s FCPA scrutiny lasted over six years.It is absolutely inexcusable on any level for FCPA scrutiny to last over six years. If the SEC wants the public to view its FCPA enforcement program as legitimate, credible, and effective, it must resolve instances of FCPA scrutiny much faster.Sparse AllegationsRarely has an SEC enforcement action against an issuer contained such few allegations against, well, the issuer.Aside from the two conclusory legal allegations:(i) AstraZeneca violated the books and records provisions because its subsidiaries mischaracterized improper payments as legitimate expenses in AZN’s books and records; and(ii) AstraZeneca’s internal controls were deficient because with the benefit of hindsight there were things the company could have perhaps done betterthe SEC’s order contains no substantive allegations against AstraZeneca itself as opposed to its China and Russia subsidiaries.Approaching 25Certain people seem to be confused about the reasons why FCPA enforcement has generally increased over the past decade.However, there are several practical (as well as provocative) reasons.Among the more obvious practical reasons (no doubt it is provocative as well) is that in 2002 the FCPA enforcement agencies came up with the theory that employees (such as physicians, nurses, mid-wives, lab personnel, etc.) of certain foreign health care systems are “foreign officials” under the FCPA and thus occupy a status equal to Presidents, Prime Ministers, and other bona-fide foreign officials that Congress had in mind when passing the FCPA in 1977.It is one of the more aggressive and dubious FCPA enforcement theories there is. It has never been subjected to judicial scrutiny and perhaps most telling as to its validity and legitimacy, the DOJ has never charged an individual with an FCPA violation based on this theory.Nevertheless, the theory is frequently used in FCPA enforcement actions and the AstraZeneca enforcement action provides yet example in that the conduct at issue focused on various things of value provided to health care providers in China and Russia. Sure the enforcement action found “only” FCPA books and records and internal controls violations (presumably because the U.S. nexus needed for the FCPA’s anti-bribery provisions to be triggered against a foreign company were lacking), but make no mistake this enforcement action was all about the alleged “foreign officials.”According to FCPAnalytics, the number of FCPA enforcement actions based on the enforcement theory that employees of certain foreign health care systems are “foreign officials” under the FCPA is approaching 25.Interested in learning about other practical reasons for the general increase in FCPA enforcement? This prior post details three historical events that together served as the foundation for 35% of all corporate enforcement actions between 2007-2011 and resulted in 55% of the settlement amounts in corporate enforcement actions between 2007-2011.No Charged Bribery DisgorgementThe $5.5 million AstraZeneca enforcement action was mostly comprised of disgorgement and prejudgment interest (approximately $5.1 million) even though the company was not charged with violating the FCPA’s anti-bribery provisions.As highlighted in this previous post, so-called no-charged bribery disgorgement is troubling.Among others, Paul Berger (here) (a former Associate Director of the SEC Division of Enforcement) has stated that “settlements invoking disgorgement but charging no primary anti-bribery violations push the law’s boundaries, as disgorgement is predicated on the common-sense notion that an actual, jurisdictionally-cognizable bribe was paid to procure the revenue identified by the SEC in its complaint.” Berger noted that such “no-charged bribery disgorgement settlements appear designed to inflict punishment rather than achieve the goals of equity.”Chinese Travel CompaniesAs highlighted in this recent guest post, several FCPA enforcement actions have been based on alleged improper travel involving alleged Chinese officials. Often times, this travel is facilitated through Chinese travel agencies – a well-known corruption risk.For instance, in the recent SciClone enforcement action the SEC found:“Local Chinese travel companies were routinely hired to provide services (such as arranging transportation, accommodations, and meals for HCPs) in connection with what were ostensibly legitimate conferences, seminars, and other events. In addition to a lack of due diligence for these third party vendors … there was a lack of controls over the events to ensure they had an appropriate business purpose and that the events actually occurred.”Similarly, in the recent Novartis enforcement action, the SEC found:“As part of its normal business operations, Sandoz China hired local Chinese travel companies to arrange transportation, accommodations, and meals for HCPs in connection with education events. However, in many instances, the actual trips did not include an educational purpose or the scientific/educational components were minimal in comparison to the sightseeing or recreational activities, and were instead a method of influencing the HCPs. The related expenses were approved and paid with little or no supporting documentation.”[…]Between 2011 and 2013, employees and agents of Novartis China made payments to government officials in China in connection with pharmaceutical sales. The payments were made through event planning and travel companies retained by Novartis China ostensibly to arrange transportation, accommodations and meals for HCPs in connection with educational conferences and other business activities. Through the use of these complicit vendors, HCPs were provided with improper inducements to prescribe or recommend Novartis products. The subsidiary recorded these payments as legitimate selling and marketing costs in its books.Novartis China retained numerous third-party travel and event planning vendors to organize and manage marketing for HCPs events, both locally within China, and outside China. The range of services varied but in some cases vendors arranged the venue, food, entertainment, flights, hotels, and transit depending upon the location of the event and number of participants. In the past several years, Novartis China has hosted thousands of such events, and the pharmaceutical business unit within Novartis China was the largest consumer of these services.Despite the widespread use of third-party travel and event planning vendors in China, Novartis did not have sufficient internal accounting controls or anticorruption compliance measures in connection with the use of these vendors. Among other things, Novartis failed to conduct sufficient training of its sales staff and managers to prevent and detect inappropriate payments made to and/or through these vendors, failed to conduct proper due diligence in connection with these vendors and failed to ensure sufficient and appropriate support for the selling and marketing expenses submitted by these vendors.”On this topic, the SEC’s AstraZeneca order found:“In numerous instances, AZ China sales staff submitted, and managerial employees knowingly approved, fake fapiao (tax receipts) for fraudulent reimbursements to generate cash that was used to make improper payments to HCPs.Other methods were also used, such as establishing bank accounts in doctors’ names as part of an improper payment scheme, or engaging a collusive travel vendor who submitted fake or inflated invoices to generate cash that could be used to funnel money to HCPs.As a result of the deficient controls, AZ China employees were regularly reimbursed for submitted expenses despite inadequate supporting documentation.[…]AZN did not employ reasonable due diligence and monitoring of third-party contractors engaged by its China and Russia subsidiaries, such as travel vendors who provided false invoices to the subsidiaries’ employees that facilitated the unauthorized use of corporate funds to improperly incentivize HCPs.”