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O’Melveny’s Olson quoted in Daily Journal on China’s New Anti-Corruption CampaignOctober 24, 2013 O’Melveny & Myers partner Steve Olson was quoted in an October 23, 2013, Daily Journal article focused on China’s recent crackdown on corruption, which has reportedly garnered the attention of US prosecutors as US attorney's offices and the Department of Justice begin to pick up more cases originating in the country. "China has the potential to be an ally on these types of issues,” Olson told the publication, adding that the new campaign has “gone beyond what would be the normal crackdown on corruption that happens at the beginning of a regime change."
The article reports that several prominent anti-corruption cases involving both Chinese and US authorities have unfolded in recent months, including that of British pharmaceutical manufacturer GlaxoSmithKline which led to the arrest of four senior executives from the company's China subsidiary by Chinese officials in July 2013. Additionally, US and Chinese officials have taken a close look at China-based solar energy firms which notably involve Chinese-based companies listed on American stock exchanges giving federal prosecutors and SEC officials jurisdiction.
Olson suggests an underlying factor in China’s rejuvenated anti-corruption campaign. "Corruption has serious adverse impacts on economic development," he said. "It's not a coincidence that this is happening at the same time they are trying to exert influence in the world economy."
Olson is a member of the Firm’s White Collar Defense and Corporate Investigations Practice and the Business Trial and Litigation Practice. He resides in the Firm’s Los Angeles office.