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Monsanto Pays Big For Bribes
Monsanto agreed to pay $1.5 million in fines to settle investigations by the Securities and Exchange Commission and Justice Department.
The investigations involved whether or not the company's Indonesian businesses bribed local authorities.
According to a CBS MarketWatch article:
"The Justice Department will be paid $1 million to settle charges that a former outside consultant in 2002 made an illegal $50,000 payment to an Indonesian government official at the direction of a former U.S.-based senior Monsanto manager.
The bribe was intended to influence an Indonesian official to repeal or change an unfavorable decree expected to have an adverse effect on Monsanto's business in that country, Monsanto said."
In a press release, Monsanto's Charles W. Burson stated, "Monsanto accepts full responsibility for these improper activities, and we sincerely regret that people working on behalf of Monsanto engaged in such behavior."
Monsanto became aware of strange financial happenings among their Indoneisan affiliates in 2001, which triggered an internal investigation. The company notified US government officials themselves, and have apparently cooperated with authorities.
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Chris Crum
