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Tyre giant Goodyear to pay $16M

5 March 2015

Tyre giant Goodyear is to pay $16M following claims that it failed to prevent persistent bribery in Kenya and Angola.

The US Securities and Exchange Commission (SEC) announced the settlement, confirming that Goodyear subsidiaries in the two countries had paid more than $3.2M bribing employees of state and private companies and local officials. These bribes, to secure sales, were paid between 2007 and 2011 and falsely recorded as legitimate business expenses.

Goodyear has not denied or admitted the allegations, which are another reminder of how bribery is increasingly being detected all over the world. The company will hand over $14M in illicit profits plus $2M in interest.

 

 

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