January 13, 2017
Posted February 21, 2017
Chilean-based chemical and mining company Sociedad Quimica y Minera de Chile S.A. (SQM) will pay more than $30 million to resolve parallel civil and criminal cases finding that it violated the Foreign Corrupt Practices Act (FCPA). According to the SEC’s order, SQM made nearly $15 million in improper payments to Chilean political figures and others connected to them over a seven-year period. Most of the payments were made based on fake documentation submitted to SQM by individuals and entities posing as legitimate vendors. SQM will pay a $15 million penalty to settle the SEC’s charges and a $15.5 million penalty as part of a deferred prosecution agreement with the Department of Justice. SEC
Tagged in: FCPA,