The Securities and Exchange Commission credited John Deere for cooperating with its inquiry. Courtesy photo $10M John Deere Bribery Settlement Underscores Risks of Not Integrating Acquisitions
The Securities and Exchange Commission said that in the three years after Deere bought Wirtgen Thailand, the unit plied government officials with cash, massage parlor visits and lavish sightseeing trips to Europe. regulator found Illinois-based John Deere failed to integrate Wirtgen Thailand, a former German outfit into its existing compliance and controls environment after acquiring Wirtgen Group in 2017, resulting in "bribery schemes going unchecked for several years," the SEC's FCPA division enforcement chief Charles Cain said in a statement. "This action is a reminder for corporations to promptly ensure newly acquired subsidiaries have all the necessary internal accounting control processes in place."
September 11, 2024 at 08:43 AM
4 minute read
John Deere has agreed to pay $10 million to settle federal allegations that its Thailand subsidiary bribed government officials there with cash, massage parlor trips and lavish sightseeing trips to France, Germany and the Swiss Alps in exchange for millions of dollars in government contracts.
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