United States: Mondelez to pay $13 million to settle India FCPA violation charges
Author(s): Dinesh Narayanan | Date: January 9, 2017 | Language: English
Source: http://economictimes.indiatimes.com/ | URL: https://goo.gl/RAeV8K | Type: Text
Mondelez International has agreed to pay $13 million (approximately Rs 90 crore) in civil penalties without admitting or denying charges that its subsidiary Cadbury India (now Mondelez India Foods) paid a consultant who was suspected to have bribed government officials and possibly top state politicians to obtain licences and approvals for a chocolate factory in Baddi, Himachal Pradesh. The Securities and Exchange Commission (SEC), the US market regulator, had charged snack-maker Mondelez with poor internal controls and violation of the Foreign Corrupt Practices Act (FCPA) in India.
“Mondelez International and Cadbury are pleased to have reached an agreement with the SEC to settle charges related to internal controls and books-and-records provisions of the FCPA, without admitting or denying the charges. As part of the settlement, Mondelez International has agreed to pay a civil penalty of $13 million to resolve the investigation,’’ a company spokesperson said in a statement to ETon Monday.
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