Toby Duthie is a Founding Partner of FRA with almost 25 years’ experience in financial analysis, complex financial modelling, investigations, and compliance reviews. Fluent in English, German and French, Toby has particular expertise in multi-jurisdictional investigations and anti-bribery and corruption (ABAC) compliance testing and specializes in matters of government enforcement. Highly regarded and trusted within the industry, clients note that “Toby is a superstar. He is thoughtful, strong at identifying the biggest issues facing a company and insightful in finding paths forward” and that “there is no one better in the field.”

Toby has worked on many complex financial frauds and bribery investigations, most notably leading the FRA team supporting Airbus in a multi-year, multinational investigation, resulting in a EUR 3.6b settlement with four investigative authorities: UK Serious Fraud Office (SFO), the US Department of Justice (DOJ), the US Department of State (DOS) and French Parquet National Financier (PNF). FRA advised Airbus and its counsel from the early stages in designing a robust and forensically based approach to the investigation, customizing a data governance strategy alongside compliance risk assessment and remediation support, as well as the eventual fine calculation.

He has been involved in many headline disgorgement and fine calculation analysis requiring modeling in multiple jurisdictions. Most recently, Toby was involved in supporting Switzerland-based commodities trading firm Gunvor SA and its external counsel in a complex profit calculation that led to a USD 660m fine and profit forfeiture, agreed with the US DOJ and Swiss Office of the Attorney General. He supported Entain plc in relation to an HM Revenue & Customs investigation, resulting in the first ever DPA with the UK Crown Prosecution Service and a GPB 585m settlement, and supported Seatrium’s proposed settlement with the Brazilian authorities AGU, CGU & MPF and the DPA and related penalty negotiations with Singapore’s Corrupt Practices Investigation Bureau (CPIB).

In other previous experience, Toby supported ABB’s USD 327m settlement with South African, US, and Swiss authorities related to the legacy Kusile project. In 2021, Toby led the SFO-related fine calculation teams on the GPT (GBP 28.1m) and Petrofac (GBP 77m) pleas, the latter including significant Ability to Pay work. He also supported the Rolls-Royce GBP 671m DOJ, SFO, and Brazilian settlement; the USD 521m Teva Settlement; and the USD 328m SBM Offshore DOJ settlement.

Toby has been integral in resolving high-profile enforcement cases (including FCPA matters) going back to 2004. These include Innospec, Panalpina, Total, Technip Bonny Island LNG, and the Diebold FCPA monitorship.

A graduate with honors from University College London, Toby worked as a steel trader in Hong Kong and in the investment banking division of Deutsche Bank/Morgan Grenfell. He also sits on the editorial board of Global Investigations Review (GIR).