The Wall Street Journal reports manufacturing company Johnson Controls agreed Monday to pay $14 million to settle Foreign Corrupt Practices Act charges with the Securities and Exchange Commission over conduct in China, while the Justice Department closed its investigation into the matter partly because of extensive cooperation by the company. The SEC said a Chinese subsidiary of the company used “sham” vendors to make $4.9 million in payments to employees of Chinese government-owned shipyards. The managing director of the subsidiary and 18 employees were involved, the SEC said in its administrative proceeding filed Monday. The company, China Marine, was acquired by Johnson Controls in 2005 and the parent tried and failed to fix the improper conduct it detected, the SEC said.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved