The former executive of an Oregon-based steel company agreed to pay ＄40,000 in penalties for bribing Chinese companies and failure to keep accurate accounting records, announced U.S. regulators on June 29.
The U.S. Securities and Exchange Commission charged Si Chan Wooh, 52, the former vice president of Schnitzer Steel Industries International, Inc. (SSI International), for paying close to ＄200,000 in bribes to foreign officials and failure of keeping accurate books and records, violating the Foreign Corrupt Practices Act (FCPA).
According to the Commission’s complaint, Wooh had given the cash bribes and gifts from 1999 to 2004 to managers of Chinese state-owned steel companies so they would purchase Schnitzer’s scrap metal. The illicit payments earned Schnitzer US＄96 million in revenue and over US＄ 6.2 million in net profit.
Read more:http://www.caijing.com.cn/newcn/English/Others/2007-07-17/24758.shtml