Defendant Name:
Archer-Daniels-Midland Company
Defendant Type:
Public Company
Document Reference:
2013-271
Document Details
Legal Case Name
SEC v. Archer-Daniels-Midland Company
Document Name
SEC Charges Archer-Daniels-Midland Company With FCPA Violations
Document Date
20-Dec-2013
Document Format
Civil Proceeding
Case Number
13-cv-02279
Federal District Court
Illinois, Central District of Illinois
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On December 20, 2013, the SEC announced that it charged global food processor Archer-Daniels-Midland Company ("ADM") for failing to prevent illicit payments made by foreign subsidiaries to Ukrainian government officials in violation of the Foreign Corrupt Practices Act. According to the SEC's complaint filed in U.S. District Court for the Central District of Illinois, from 2002 to 2008, ADM's subsidiaries in Germany and Ukraine paid $21 million in bribes through intermediaries to secure the release of value-added tax refunds. The payments were then concealed by improperly recording the transactions in accounting records as insurance premiums and other purported business expenses. ADM consented to the entry of a final judgment, which remains subject to court approval. In a parallel action, the U.S. Department of Justice entered into a non-prosecution agreement with ADM and settled criminal charges against an ADM subsidiary, which agreed to pay $17.8 million in criminal fines.
Disgorgement & Penalty Information
Resolutions
Enjoinment
Other Compliance Related Undertaking
Various Undertakings
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC