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February 16, 2007

UPDATE 1-US says Dow Chemical fined $325,000 for bribing foreign officials

REUTERS, FEBRUARY 13, 2007

AT THE HELM OF THIS CORRUPT COMPANY:
Andrew Liveris
Chairman of the Board, President, Chief Executive Officer
Salary: USD 1,087,500
Bonus: USD 2,250,000
Age: 51

Full Management Team
Insider Trading

WASHINGTON, Feb 13 (Reuters) - Dow Chemical Co. (DOW.N: Quote, Profile, Research) agreed to pay a $325,000 civil penalty to settle allegations a unit made improper payments to Indian officials, the U.S. Securities and Exchange Commission said on Tuesday.

The company, the No. 1 U.S. chemical maker, agreed to settle the SEC charges of violating the Foreign Corrupt Practices Act, without admitting or denying any wrongdoing, the SEC said.

The SEC's complaint said DE-Nocil Crop Protection Ltd., a pesticides subsidiary of Dow based in Mumbai, made an estimated $200,000 in improper payments to Indian government officials from 1996 through 2001, in part to expedite registration of some of the unit's products.

The subsidiary also made improper payments to state officials to distribute and sell its products, while other payments were made to government, tax and customs officials for gifts, entertainment and other items, the SEC said. (Additional reporting by Leonard Anderson)

Posted by bhola at 05:32 AM | Comments (0)

Dow Chemical caught bribing Indian officials, fined $325,000

SIOBHAN HUGHES, DOW JONES NEWSWIRES, FEBRUARY 15, 2007

WASHINGTON -- Dow Chemical Co. will pay a $325,000 civil penalty to settle charges that a subsidiary made improper payments to Indian government officials who held sway over regulatory approvals for the company's pesticides, the Securities and Exchange Commission said.

Midland-based Dow also agreed to cease and desist from future violations of the Foreign Corrupt Practices Act. It settled without admitting or denying wrongdoing, the SEC said late Tuesday.

The SEC found that from 1996 through 2001, Dow's DE-Nocil Crop Protection Ltd. unit improperly paid an estimated $200,000 to Indian state and federal officials as it sought to register several products slated for marketing in time for India's growing season. The SEC said these payments weren't reflected adequately in Dow's books and records.

The SEC said Dow conducted an internal investigation, voluntarily presented the results to the SEC and disciplined employees. The company also hired an independent auditor to review its books, the SEC said.

A Dow spokesman wasn't immediately available to comment.

Posted by bhola at 05:28 AM | Comments (0)