Daimler Said to Agree to Pay $200 Million Over Probe of Bribes
Daimler AG agreed to pay about $200 million and two subsidiaries will plead guilty to resolve a U.S. investigation into whether it paid bribes to secure business overseas, according to people familiar with the accord.
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Source: Daimler Said to Agree to Pay $200 Million Over Probe of Bribes
Quote from the article:
The carmaker seeks to conclude a Department of Justice probe of whether it violated the Foreign Corrupt Practices Act by bribing government officials and a related civil probe by the Securities and Exchange Commission, according to the people. The FCPA covers foreign companies with U.S. operations. The people declined to specify the precise charges for the units. Government lawyers submitted the deal in Washington to U.S. District Judge Richard Leon, who must approve it, according to the people. In 2008, Leon accepted the guilty plea of Siemens AG and three subsidiaries for charges related to the FCPA. Munich- based Siemens, Germany’s largest engineering company, paid $1.6 billion to settle probes in the U.S. and Germany. “We are in discussions with the DOJ and the SEC regarding consensually resolving the agencies’ investigations,” Ute Wuest von Vellberg, a spokeswoman for Stuttgart, Germany-based Daimler, said yesterday in an interview. “There can be no assurance about whether and when settlement with the DOJ and the SEC will become final and effective.” Justice Department spokeswoman Laura Sweeney and SEC spokesman John Nester declined to confirm the accord. A law clerk for Judge Leon, who declined to provide his name, declined to comment. |
Source: Daimler Said to Agree to Pay $200 Million Over Probe of Bribes
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