US'Foreign Corrupt Practices Act, 1977: GovernanceMusings on US-listed Companies
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Code : GOV0046
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Region : US |
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Dow Chemical Company Dow Chemical Company (Dow) anAmericanMNC began operations in India in 1994 under the name DE-Nocil. It came into existence as a part of joint venture when DowElanco the subsidiary of Dow acquired a 51% stake in a local company National Organic Chemical Industry Ltd. (Nocil). DowElanco became a wholly-owned subsidiary of Dow in 1997 and the parent company increased its stake in DE-Nocil to 75.7% by 2001.Finally, the parent company attained 100% ownership of DE-Nocil in January 2005 and later changed its name to Dow AgroSciences India Pvt., Ltd... A.T.Kearney Afew months after penalising Dow, SEC filed a civil action under FCPAagainst Chandramouli Srinivasan (Srinivasan) the founder and former president ofmanagement consulting firmA.T.Kearney Ltd., India (ATKI) on September 25th 2007. The allegations against Srinivasan included violating books and record provisions in connection with making improper payments to the senior employees of partially state-owned enterprises in India between 2001 and 2003... Westinghouse Air Brake Technologies Corporation Similar allegation of violating the FCPA’s anti-bribery, books and records and international controls provisions in connectionwith improper paymentswere settled by Westinghouse Air Brake Technologies Corporation (Wabtec) on February 14th 2008... |
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Xerox Corporation Xerox’case of corruption is highlighted even today.TheUS-basedXerox Corporation’s admission of the improper payments to the Indian government officials amounting to $700,000 (INR 3.15 crore) has turned the heat on its subsidiary XeroxModiCorp Limited...
