ADM has reached a settlement for violating the FCPA - Wandtv.com, NewsCenter17, StormCenter17, Central Illinois News-

ADM has reached a settlement for violating the FCPA

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Decatur - A subsidiary of ADM pleaded guilty to charges of bribe through vendors to  Ukrainian government officials to obtain value-added tax refunds.

The act is a violation of Foreign Corrupt Practice Act (FCPA) now ADM will pay more than $17 million in criminal fines.

Acting Assistant Attorney General Raman said,  "ADM's subsidiaries sought to gain a tax benefit by bribing government officials, and then attempted to deliberately conceal their conduct by funneling payments through local vendors.  ADM, in turn, failed to implement sufficient policies and procedures to prevent the bribe payments, although ultimately ADM disclosed the conduct, cooperated with the government, and instituted extensive remedial efforts.  Today's corporate guilty plea demonstrates that combating bribery is and will remain a mainstay of the Criminal Division's mission.  We are committed to working closely with our foreign and domestic law enforcement partners to fight global corruption."

ADM was also ordered to pay roughly $36.5 million for funds received illegally during the time period of 2002 to 2008.   

ADM Chairman and CEO Patricia Woertz commented on ADM's process: "In 2008, soon after we became aware of some questionable transactions by a non-U.S. subsidiary, we engaged an outside law firm and an accounting firm to undertake a comprehensive internal investigation," she said. "In early 2009, we voluntarily disclosed the matter to appropriate U.S. and foreign government agencies and undertook a comprehensive anti-corruption global risk analysis and compliance assessment. We have also implemented internal-control enhancements, and taken disciplinary action, including termination, with a number of employees.

"The conduct that led to this settlement was regrettable, but I believe we handled our response in the right way, and that the steps we took, including self-reporting, underscore our commitment to conducting business ethically and responsibly," Woertz said.

This ongoing investigation is being conducted by the FBI.

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