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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,