Posts Tagged ‘Foreign Corrupt Practices Act’

Colombian Activists File Complaint against GM

Group charges maker violated Foreign Corrupt Practices Act.

by on Nov.18, 2014

The labor strife at GM's Colombian plant has, in the past, triggered a hunger strike by workers, and now a complaint filed with the U.S. DOJ and SEC.

Labor activists filed a complaint with the U.S. Dept. of Justice and the Securities Exchange Commission, charging General Motors with violating the Foreign Corrupt Practices Act by paying bribes to government officials in Colombia.

The bribery and corruption charges are the latest twist in long-running dispute between GM and Colombian workers, who argue they were injured while working at a GM assembly plant in Bogota, Colombia, and never received anything near adequate compensation.

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In their new complaint, the workers claim their efforts to be compensated properly for their injuries was systematically subverted by Colombian officials, who were bribed by GM employees in Colombia, according to the complaint filed with the DOJ and SEC. (more…)

Daimler to Drop New York Stock Exchange Listing

Thus ends its American journey.Critics say it pilfered Chrysler.

by on May.14, 2010

Reducing the complexity of financial reporting or limiting its liability in the U.S.?

Daimler AG (DAI) is ending its listing on the New York Stock Exchange. Daimler informed the NYSE by letter today that it would discontinue the listing of its shares, as well as the 8.50% notes due January 18, 2031 of Daimler Finance North America LLC.

Daimler’s primary listing will remain in Frankfurt.

In a statement Daimler said that trading volumes in the United States have been low, and during a twelve month period they amounted to an average of well below 5% of the worldwide trading volume.

Daimler will submit a request for delisting also to the United States Securities and Exchange Commission (SEC). After the delisting has become effective, Daimler will also apply to the SEC for deregistration of all its securities registered with the SEC and termination of its reporting obligations under the U.S. Securities Exchange Act of 1934.

Daimler said it wants to reduce the complexity of financial reporting as well as administrative expenses and fees.

“Daimler continues to place great importance on having an international shareholder base. The trading center for our shares, however, clearly is Frankfurt – and that is also the case for our international investors,” said Bodo Uebber, CFO of Daimler AG.

Last month Daimler agreed to pay more than $180 million in fines to close investigations with the Department of Justice and the Securities and Exchange Commission due to violations of the Foreign Corrupt Practices Act and the Securities Exchange Act of 1934.

Moreover, three of Daimler’s subsidiaries resolved charges related to anti-bribery issues. Under the terms of the settlement, Daimler and its subsidiaries will pay $93.6 million in criminal fines and penalties in connection with the DOJ’s investigation, and $91.4 in disgorgement of profits to resolve the SEC’s civil complaint.