ADM has reached a settlement for violating the FCPA
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.
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
ADM was also ordered to pay roughly $36.5 million for funds received illegally during the time period of 2002 to 2008.
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.
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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