Commission United States securities and exchange Commission (SEC) and United Technologies Corp., one of the largest financial and industrial groups in the United States, came to a financial agreement on the fine that the company will pay for violation of the foreign currency corruption Act (FCPA).
In UTC agreed to pay $ 14 million fine, but the company did not recognize, but did not deny his guilt, said the SEC, The Wall Street Journal reports.
“We are pleased to have reached a final decision on civil settlement in the SEC on these issues,” the UTC statement said. “Following our voluntary disclosure in 2013 and our own internal investigations, we have taken immediate steps to strengthen that UTC is committed to doing business in the right way. This included disciplinary measures, including dismissal of employees, improvement of our internal controls, compliance policies and resources, and more robust training programs.”
According to the SEC, representatives of UTC transferred illegal payments to Azerbaijani officials in order to obtain contracts for the sale of elevators for public housing in Baku, as well as schemes for the sale of elevators in China.
The SEC also found that UTC, through its joint venture, made payments to a Chinese sales agent in an attempt to obtain confidential information from a Chinese official that could help the company win a tender to sell engines to a Chinese state-owned airline.
The SEC also found that UTC improperly provided travel and gifts to foreign officials in China, Kuwait, South Korea, Pakistan, Thailand and Indonesia using unit Pratt & Whitney and Otis subsidiary for obtaining business.
“American companies with global operations must implement policies and procedures that prevent bribery and motivate employees to implement ethical guidelines,” said Tracy L. Price, Deputy chief of Department on control over observance of SEC. “Issuers with weak internal controls open the door to corruption and other financial misconduct.”
