Textron August 30, 2007
SEC v. Textron Inc., Civil Action No. 07 CV 01505 (D.D.C.) (CKK), Litigation Release No. 20251 / August 23, 2007http://www.sec.gov/litigation/litreleases/2007/lr20251.htm
Textron Resolves SEC and DOJ Investigations into Payments by Fluid and Power Unit, Textron News Release, August 23, 2007.http://investor.textron.com/phoenix.zhtml?c=110047&p=irol-newsArticle&ID=1043218&highlight=
“’Although Textron knew of endemic corruption in the Middle East,’ the SEC said in a statement, it ‘knew or was reckless in not knowing that illicit payments were paid in connection with all of these transactions.’
The SEC says Textron violated the Securities and Exchange Act by giving kickbacks and by failing to record the bribes in company records. http://www.projo.com/news/content/TEXTRON_FINE_08-24-07_P06S8P3.3392ccc.html
“Textron has agreed to pay $4.6 million in fines for bribing officials of Suddam Hussein’s government in order to acquire Iraqi contracts through the United Nations’ Oil-for-Food program. The fines are divided into the amounts of $1.15 million and $3.5 million between the Department of Justice and the U.S. Securities and Exchange Commission, respectively.”http://ethisphereblog.com/textron-fined-46-million-for-illegal-bribes-to-iraq-government/
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