US Company Fined Millions for Russian ATM Bribery Case

Author: us-russia
Comments: 0
US Company Fined Millions for Russian ATM Bribery Case
Published 25-10-2013, 15:29
WASHINGTON, October 23 (RIA Novosti) – US automated teller machine (ATM) manufacturer Diebold Inc. has been fined $48 million for bribing officials in Russia, China and Indonesia to illicitly sell its ATMs to banks in the three countries, the US Securities and Exchange Commission (SEC) has said.

In a statement released Tuesday, the SEC said that Diebold "falsified books and records to hide approximately $1.2 million of bribes paid to employees at privately owned banks in Russia" from 2005 to 2008.

"The bribes were funneled through a distributor in Russia using phony service contracts to hide and falsely record the payments as legitimate business expenses,” the SEC said.

The Ohio-based company is also accused of paying out $1.8 million for "travel, entertainment, and other improper gifts” for officials in China and Indonesia who had "the ability to influence the purchasing decisions” of government-owned banks.

The $48 million penalty imposed on the company will resolve both an SEC complaint filed against Diebold and a parallel criminal case in Ohio against the ATM manufacturer.

"In China, Indonesia and Russia, Diebold chose to pay bribes for business and falsify documents to cover its tracks,” Ohio Acting Assistant Attorney General Mythili Raman said in a statement.

"Through its corrupt business practices, Diebold undermined the sense of fair play that is critical for the rule of law to prevail,” Raman said.

 

RIA Novosti

Comments: 0
Experts' Panel
Are the U.S. and Russia...
The Sunday, February 24 edition of Russian state television’s...
Are the U.S. and Russia...
Top
popular in the journal
Are the U.S. and Russia...

Are the U.S. and Russia...

The Sunday, February 24 edition of Russian state television’s flagship program News of the Week with Dmitry Kiselyov provided a detailed description of the ...
«Война и мир»: актуальность...

«Война и мир»: актуальность...

«Война и мир»: актуальность событий 1812 года, описанных Толстым, по отношению к глобальным событиям настоящего времени
Donald Trump: the guy at the next...

Donald Trump: the guy at the next...

Surely Donald Trump is the least "presidential” Chief Executive of the United States we have ever known. And that, above all, may explain why he is likely to be ...
Ханойский саммит: перспективы

Ханойский саммит: перспективы

Сегодня в Москве на площадке дискуссионного клуба Валдай состоялась экспертная дискуссия, посвящённая предстоящему саммиту лидеров США и Северной Кореи
Tony Kevin: The West’s Russia...

Tony Kevin: The West’s Russia...

In Red Square, Moscow’s stylish skaters glide expertly under sparkling Christmas holiday lights to the music of Tchaikovsky. Hundreds of strolling Chinese tourists take ...