Source: WikiImages |
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.