ITT Corp Pay $1.8 Million Fine Get Off Bribery Charges
x | 04.03.2009 20:18 | Smash EDO | Anti-militarism | Technology | South Coast
The military industrial corporate giant ITT Corporation which owns EDO MBM in Brighton escaped charges of Bribery last month by agreeing to pay $1.8 million to the US Securities and Exchange Commission.
http://www.businessweek.com/ap/finacialnews/D96AVG300.htm
http://www.businessweek.com/ap/finacialnews/D96AVG300.htm
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04.03.2009 20:45
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05.03.2009 09:24
ITT to pay $1.7 million in SEC bribery settlement
NEW YORK
Defense contractor ITT Corp. has agreed to pay about $1.7 million to settle bribery charges with the Securities and Exchange Commission, which alleged the company's employees in China made illegal payments to foreign officials.
ITT disclosed in a government filing Friday that it will give up roughly $1 million in profits plus interest and civil penalties.
The company has not denied or admitted any wrong doing as part of the settlement.
The SEC accused employees of the company's Nanjing Goulds Pumps subsidiary in Nanjing, China, of violating the Foreign Corrupt Practices Act.
Shares of the company added 74 cents to finish Friday at $43.24.
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