From the FINANCIAL TIMES:
A US court gave the green light on Thursday for Daimler to pay $185m in penalties as part of a deal to settle bribery charges brought by the Justice Department and Securities and Exchange Commission against the German car and truck maker…
Daimler allegedly paid at least $56m in bribes over more than a decade covering more than 200 transactions in at least 22 countries. Among others, it paid kickbacks to Iraqi ministries to secure sales of motor vehicles and spare parts under the United Nations Oil for Food Programme…
The SEC said that it had also made “tens of millions of dollars in corrupt payments” to government officials in Russia, China, Vietnam, Hungary, Latvia, Croatia and Bosnia.
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Editor’s note: As local companies which have endeavored to do business overseas are aware, American companies are at a distinct disadvantage because we legally and ethicly are constrained from bribing foreign officials. Some European companies make a practice of it with lucrative results.
