International Trade Law News /title <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" xml:lang="en" lang="en"> <meta name="verify-v1" content="6kFGcaEvnPNJ6heBYemQKQasNtyHRZrl1qGh38P0b6M=" /> <head> <title>International Trade Law News

« Home | "Lord of War" Viktor Bout Profiled in The Economis... » | CBP Announces Cross-Border Truck User Fee Continge... » | The Times: Companies Blacklisted in US for Alleged... » | Former Willbros Officials Charged With Violating F... » | Report: At Siemens, Bribery Was Just a Line Item » | BIS Publishes Amendments to Chemical Weapons Conve... » | Florida Jury Convicts Iranian Woman in Night Visio... » | Want a Used Space Shuttle? Better Comply With ITAR... » | State Department Imposes ITAR Denial Policy on Bl... » | BIS Points Out Inaccuracies in Washington Times Re... » 

December 22, 2008 

Fiat Pays More Than US$17 Million in Connection With FCPA Charges Arising From Oil for Food Program

Italian automobile and truck manufacturer Fiat S.p.A. and several of the company's subsidiaries today agreed to pay a total of more than $17 million in connection with Foreign Corrupt Practices Act (FCPA) charges brought by the U.S. Department of Justice and U.S. Securities and Exchange Commission (SEC) in connection with the U.N. Oil for Food Program.

In the criminal case, Fiat subsidiaries Iveco S.p.A. and CNH Italia S.p.A. were each charged with one count of conspiracy to commit wire fraud and to violate the books and records provisions of the FCPA in connection with illegal kickbacks paid to officials of the former Iraqi government. Fiat agreed to pay a $7 million penalty in connection with these charges. The Justice Department agreed to enter into a deferred prosecution agreement with Fiat whereby the criminal charges would be dismissed if Fiat and its affiliates abide by the agreement.

In the civil case, the SEC filed FCPA books and records and internal controls charges against Fiat S.p.A. and CNH Global N.V. The SEC's complaint (pdf) alleged that from 2000 through 2003, certain Fiat and CNH Global subsidiaries made approximately $4.3 million in kickback payments in connection with their sales of humanitarian goods to Iraq under Oil for Food Program. The SEC alleged that Fiat and CNH Global failed to maintain adequate systems of internal controls to detect and prevent the payments and their accounting for these transactions failed properly to record the nature of the payments.

Fiat was ordered to pay $5,309,632 in disgorged profits, $1,899,510 in pre-judgment interest and a civil penalty of $3,600,000.

Labels:


Editor

Subscribe

Subscribe to our confidential mailing list

Mobile Version

Search Trade Law News

International Trade and Compliance Jobs

Jobs from Indeed

Archives

Categories

Disclaimer

  • This Site is presented for general informational purposes only and does not constitute legal advice. No attorney-client relationship is formed when you use this Site. Do not consider the Site to be a substitute for obtaining legal advice from a qualified attorney. The information on this Site may be changed without notice and is not guaranteed to be complete, correct or up-to-date. While we try to revise this Site on a regular basis, it may not reflect the most current legal developments. The opinions expressed on this Site are the opinions of the individual author.
  • The content on this Site may be reproduced and/or distributed in whole or in part, provided that its source is indicated as "International Trade Law News, www.tradelawnews.com".
  • ©2003-2015. All rights reserved.

Translate This Site


Powered by Blogger