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Calypso

Show Me the Money

By Calypso in Off Topic

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Calypso   465

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Filed: Citizen (apr) Country: Philippines
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This may have been posted in OT before but here's an update. ^_^

Daimler agrees to pay $185m after admitting bribery

German carmaker Daimler has pleaded guilty to corruption in the US and will pay $185m (£121m) to settle the case.

The charges relate to US Justice Department and Securities and Exchange Commission investigations into the company's global sales practices.

Daimler, the owner of Mercedes-Benz, admitted to paying tens of millions of dollars of bribes to foreign government officials in at least 22 countries.

The company said it had now reformed the way it did business.

....

Daimler's agreement to pay $185m is broken down into $93.6m to end the US Justice Department investigation, and a payment of $91.4m to settle the civil case from the Securities and Exchange Commission, the US financial watchdog.

The company made a 2.6bn euros ($3.5bn; £2.3bn) loss last year.

Back in 2008, German industrial group Siemens paid $800m to settle a US investigation into bribes paid to government officials in Argentina, Bangladesh, Iraq and Venezuela.

Read more here

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