Toby Duthie is a Founding Partner of FRA. He has 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, anti-bribery and corruption 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 €3.6bn 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, customising 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 modelling 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 $660mn fine and profit forfeiture, agreed with the US DOJ and Swiss Office of the Attorney General. He supported Entain plc in relation to a HM Revenue & Customs investigation, resulting in the first ever DPA with the UK Crown Prosecution Service and a £585 million 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 $327 million 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 (£28.1million) and Petrofac (£77 million) pleas, the latter including significant Ability to Pay work. He also supported the Rolls-Royce £671 million DOJ, SFO and Brazilian settlement; the US$521 million Teva Settlement; and the US$328 million 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. Clients note “Toby Duthie is preeminent in the area, and I find him really excellent. I enjoy working with him and he is well respected by various government agencies. He understands the arguments you can make and the ones you cannot make, and he then helps you to take the right approach.”

Toby sits on the editorial board of the Global Investigations Review (GIR), He also set up the UK’s first third party litigation funding company in 2002 (IM Litigation Management Limited) which pursued over 50 claims with over a 70 per cent success rate. 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.