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DEERE TO PAY SEC $10 MILLION SETTLING ITS CASE OF BRIBERY FROM ITS THAI UNIT
Sep. 11, 2024
By Sabela Ojea, Dow Jones
Agricultural machinery manufacturer Deere & Company has agreed to pay $10 million to the Securities and Exchange Commission to resolve charges from alleged bribes paid by its subsidiary Wirtgen Thailand.
From at least late 2017 to 2020, employees of the subsidiary bribed the Thai government to win multiple government contracts, making $4.3 million in profits. They also bribed employees of a private company to win sales to that company, according to the SEC order.
Its parent company Deere violated the recordkeeping and internal accounting controls provisions of the Foreign Corrupt Practices Act, the SEC said Tuesday. Without admitting or denying the SEC's findings, Deere will be paying prejudgment interest totaling about $5.4 million and a civil penalty of $4.5 million.
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