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Tuesday, February 24, 2015

SEC Charges Goodyear With Bribery

Source: WikiImages
Feb. 24, 2015 —Today, the SEC charged Goodyear Tire & Rubber Company (NASDAQ: GT) with violating the Foreign Corrupt Practices Act (FCPA) by paying cash bribes to employees, government owned entities, local authorities and even the police in sub-Saharan Africa. Goodyear has agreed to pay ~$16 million to settle. The order from the SEC alleges that Goodyear failed to detect and prevent over $3.2 million in bribes due to inadequate controls in sub-Saharan Africa.

Here's an excerpt from Scott W. Friestad, Associate Director of the SEC’s Enforcement Division:
Public companies must keep accurate accounting records, and Goodyear’s lax compliance controls enabled a routine of corrupt payments by African subsidiaries that were hidden in their books. This settlement ensures that Goodyear must forfeit all of the illicit profits from business obtained through bribes to foreign officials as well as employees at commercial companies in Angola and Kenya.
In addition to the $16 million settlement, Goodyear must also report the steps the company is taking to prevent and identify bribery in the future.

To read the original order click here.