Go back to the enewsletterThe winter edition of LATTE‘s sister brand consumer magazine, has been released this week and celebrates everything about travel’s fastest-growing industry: cruising. Issue 30 has been bumped up 160 pages to 176 – including 50 pages devoted to cruising and yachting – to bring readers even more of the world’s finest travel and lifestyle experiences.More Australians are setting sail on ocean cruises than ever – 1.34 million of us, or almost six per cent of the population, according to the latest figures from Cruise Lines International Association Australasia – and discerning travellers have never been exposed to such choice about where to go and which line to cruise with.The Cruise Issue pays homage to being on the water in all its forms. Find out how Hapag-Lloyd Cruises’ has raised the bar for luxury at sea, venture to the Subantarctic Islands with Ponant, board Uniworld’s latest Super Ship on the Danube and sail in the wake of Portuguese explorers on a Sea Cloud windjammer. The issue also features a family exploration of the rugged Kimberley region with True North Adventure Cruises.Back on land, travel to the Yukon Territory in search of the Canadian northern lights and visit the 10 most remote hotels in the world, most only accessible by sky or sea. Editor-in-chief, Cathy Wagstaff, shares her newfound love for Sri Lanka, a diverse destination that well and truly deserves its place on the bucket-list.The 2018 Best-of-the-Best Luxury Cruise AwardsFollowing the success of the inaugural Cruise Awards last year, we have expanded our panel of expert judges to bring readers the definitive guide to luxury cruising.The 12 panellists are all leading Australian travel advisors that specialise in the luxury cruise industry, and were highly recommended to us for their outstanding knowledge of cruising.We called on their expertise to vote across 10 categories covering ocean, river and expedition cruising. In addition to the original categories, we have added the best ships for a multigenerational escape and the tour operators that elevate the cruise experience even further.Click here to see the full list of categories and winners, or go online to signatureluxurytravel.com.au/cruise-awards-2018Go back to the enewsletter
As highlighted in this prior post, in late 2017 Muddy Waters Research (a short seller investment firm) accused OSI Systems (a California based company that develops and markets security and inspection systems such as airport security X-ray machines and metal detectors) of corruption in Albania. (See here for more). A Muddy Waters representative confidently stated that it had “smoking-gun proof that, when this company got a turn-key contract a few years ago in Albania, worth $150-$250 million top line, that they paid a bribe or kickback of almost half of that concession. To me, this is damning evidence.”Thereafter, OSI’s stock price fell approximately 30% and sure as dogs bark and the sun rises in the east, plaintiff’s lawyers mobilized and very soon securities fraud class actions and derivative actions were filed which closely tracked the allegations set forth in the short-seller’s report.As highlighted in this prior post, OSI Systems then disclosed: “Following a report by a short seller, the Securities and Exchange Commission (SEC) commenced an investigation into the Company’s compliance with the Foreign Corrupt Practices Act (FCPA). The U.S. Attorney’s Office for the Central District of California (DOJ) has also said it intends to request information regarding FCPA compliance matters.”Yesterday, OSI Systems issued this release stating: “the U.S. Department of Justice and Securities and Exchange Commission have informed the Company that they have closed their respective investigations into possible violations of the Foreign Corrupt Practices Act by the Company.”The company stock closed up approximately 4.5%.As highlighted in this recent post, the securities fraud class action was recently dismissed.Some companies under FCPA scrutiny disclose pre-enforcement action professional fees and expenses. However, best I can tell after reviewing OSI’s recent filings, it has not. However, if its FCPA scrutiny followed a typical path, it likely spent millions in professional fees because of its FCPA scrutiny and related civil litigation.The question arises: ought OSI (and its shareholders) have some recourse for this?