Global conglomerate ITT Corporation settled a civil case brought by the Securities and Exchange Commission for violations of the Foreign Corrupt Practices Act. The SEC claimed that an ITT subsidiary paid about $200,000 to Chinese government officials from 2001 through 2005. According to the SEC complaint, ITT discovered the illegal payments when anonymous employees complained to the company Ombuds. The details of the ITT Ombuds program are unavailable to the public. (SEC Complaint via FCPA Blog.)
Saturday, February 14, 2009
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