The Securities and Exchange Commission reports that a U.S. company has agreed to pay nearly $10 million to resolve charges that it violated the Foreign Corrupt Practices Act in connection with bribes of foreign officials. This amount includes disgorgement and prejudgment interest totaling approximately $5.4 million and a civil penalty of $4.5 million.
According to an SEC press release, from at least late 2017 through 2020 employees of the company’s subsidiary bribed Thailand government officials to win multiple government contracts and also bribed employees of a private company to win sales to that company. These improper payments were inaccurately recorded as legitimate expenses in the parent company’s books and records.
An SEC official noted that after acquiring the subsidiary the parent company “failed to timely integrate it into its existing compliance and controls environment, resulting in these bribery schemes going unchecked for several years.”
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