May 21, 2013
May 21, 2013 — Many multi-national companies have taken a “Don’t Ask, Don’t Tell” approach over the years to monitoring their foreign units’ compliance with the U.S. Foreign Corrupt Practices Act (FCPA). Under the FCPA, companies are prohibited from attempting to obtain or retain a business advantage in a foreign state by paying bribes — cash or otherwise — to foreign officials or their family members. Though company officials may plead ignorance, it rarely happens that bribery scams involve just one rogue agent. When the bribery efforts come to light, inside employees who appreciate that bribery is a crime often prefer to blow the whistle and notify the government rather than join in a foreign bribery scheme or pretend it isn’t happening.
Archer Daniels Midland Co., the agribusiness conglomerate, has announced in an earnings statement that it may be in the process of resolving an investigation by the Securities and Exchange Commission (SEC) and the U.S. Justice Department (DOJ) into the company’s violations of the Foreign Corrupt Practices Act (FCPA).
Although the SEC and the DOJ declined to comment, The Wall Street Journal reports that the investigation concerns transactions prior to 2008 involving feed and grain exports by the company. Archer Daniels had previously disclosed that it had launched an internal probe of the events.
Now the company has reserved $25 million for a possible settlement of the FCPA investigation. Archer Daniels expects that the settlement will be concluded in 2013.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of 2010, whistleblowers who decide to collaborate with the SEC about an employer’s foreign bribery violations may receive financial remuneration. FCPA informants have legal rights under Dodd-Frank. The FCPA lawyers with Waters & Kraus have the experience it takes to protect your rights and promote your interests. Contact us by email or phone our whistleblower attorneys at 800.226.9880 to learn more.
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