REUTERS, FEBRUARY 13, 2007
AT THE HELM OF THIS CORRUPT COMPANY:
Chairman of the Board, President, Chief Executive Officer
Salary: USD 1,087,500
Bonus: USD 2,250,000
Full Management Team
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)