United States SEC Fines Deere & Company (John Deere) $10 Million for Violating Foreign Corrupt Practices Act (FCPA) by Bribing Thailand Government Officials to Win Government Contracts, Bribes Include Cash Payments, Massage Parlor Visits and International Travel for Government Officials & Private Company Employees
14th September 2024 | Hong Kong
The United States Securities and Exchange Commission (SEC) has fined Deere & Company (John Deere) $10 million for violating Foreign Corrupt Practices Act (FCPA) by bribing Thailand government officials to win government contracts, with bribes including cash payments, massage parlor visits and international travel for government officials & private company employees. United States SEC (10/9/24): “The Securities and Exchange Commission today announced that Deere & Company, which does business as John Deere, agreed to pay nearly $10 million to resolve SEC charges that it violated the Foreign Corrupt Practices Act (FCPA) arising out of bribes paid by its wholly owned subsidiary, Wirtgen Thailand. The company is an Illinois-based global manufacturer of agricultural machinery and heavy equipment. The SEC’s order finds that, from at least late 2017 through 2020, Wirtgen Thailand employees bribed Thai government officials with the Royal Thai Air Force, the Department of Highways, and the Department of Rural Roads to win multiple government contracts and also bribed employees of a private company to win sales to that company. The order finds that the bribes included cash payments, massage parlor visits, and international travel for the government officials and private company employees. According to the SEC’s order, Wirtgen Thailand made approximately $4.3 million in profits as a result of these bribes. The improper payments were inaccurately recorded as legitimate expenses in Deere’s books and records. The SEC’s order found that Deere violated the recordkeeping and internal accounting controls provisions of the FCPA. Without admitting or denying the SEC’s findings, Deere consented to the entry of the SEC’s order requiring it to cease and desist from further violations and to pay disgorgement and prejudgment interest totaling approximately $5.4 million and a civil penalty of $4.5 million.”
“ United States SEC Fines Deere & Company (John Deere) $10 Million for Violating Foreign Corrupt Practices Act (FCPA) by Bribing Thailand Government Officials to Win Government Contracts, Bribes Include Cash Payments, Massage Parlor Visits and International Travel for Government Officials & Private Company Employees “
United States SEC Fines Deere & Company (John Deere) $10 Million for Violating Foreign Corrupt Practices Act (FCPA) by Bribing Thailand Government Officials to Win Government Contracts, Bribes Include Cash Payments, Massage Parlor Visits and International Travel for Government Officials & Private Company Employees
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