Reuters: Regulatory News: UPDATE 1-US SEC charges Tyco in foreign bribery case

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UPDATE 1-US SEC charges Tyco in foreign bribery case Sep 24th 2012, 18:15 Mon Sep 24, 2012 2:15pm EDT WASHINGTON, Sept 24 (Reuters) - The U.S. Securities and Exchange Commission on Monday ordered Tyco International Ltd to pay $13.1 million to settle charges it paid bribes to officials of foreign governments and misreported such payments, in violation of the Foreign Corrupt Practices Act. The Justice Department's criminal division will settle related charges through a non-prosecution agreement, the SEC said in court documents. The conduct came to light through a review of Tyco's operations following a 2006 settlement, the SEC said. The Swiss-based manufacturer undertook a review of whether its global operations complied with the FCPA following an April 2006 settlement to resolve foreign bribery and other charges. That review uncovered certain additional improper payments and mis-recorded expenses around the world, the SEC said. Tyco's former electronics unit TE M/A-COM, Inc, for example, made illicit payments in connection with a 2006 sale of microwave equipment to a state-controlled entity in Turkey, the SEC said. Tyco's China unit improperly recorded a $3,700 payment in 2005 to a team at a state-owned corporation in connection with a $770,000 contract with the Chinese Ministry of Public Security, the SEC said. Tyco units around the world including in Germany and France also improperly recorded payments made in other countries, the SEC said. A Tyco spokesman did not immediately respond to a request for comment. Link this Share this Digg this Email Reprints

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