IMI subsidiary Control Components pleaded guilty to foreign-bribery offenses and paid an $18.2 million criminal fine
Company: IMI plc
Summary
Control Components Inc., an IMI plc subsidiary, pleaded guilty in the United States to Foreign Corrupt Practices Act and Travel Act violations arising from a decade-long scheme to obtain contracts through corrupt payments. The U.S. Department of Justice stated that conduct from 1998 through 2007 included approximately 236 corrupt payments in more than 30 countries. Control Components admitted making approximately $4.9 million in bribes to officials of foreign state-owned companies and approximately $1.95 million in corrupt payments to employees of privately owned companies. The company was ordered to pay an $18.2 million criminal fine, serve three years of organizational probation, establish an anti-bribery compliance program and retain an independent compliance monitor. IMI's 2008 annual report identifies Control Components Inc. as an IMI subsidiary. This record concerns the criminal conduct admitted by the subsidiary and does not state that IMI plc itself entered a guilty plea. Sources / proof: U.S. Department of Justice: https://www.justice.gov/archives/opa/pr/control-components-inc-pleads-guilty-foreign-bribery-charges-and-agrees-pay-182-million IMI plc 2008 Annual Report: https://www.imiplc.com/media/sefokh0o/annual-report-2008-04-apr.pdf
Record details
- Category
- Corporate Misconduct
- When it happened
- 1998–2007
- Status
- Resolved (July 31, 2009)
- Severity
- high
- Added to Rotten Company
Source
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