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ADM Subsidiary Fined for Bribery
The U.S. Department of Justice says an overseas subsidiary of Archer Daniels Midland has agreed to pay $17.8 million in fines after pleading guilty to bribing Ukrainian officials.
Alfred C. Toepfer pleaded guilty in federal court today to conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act. The bribes were made between 2002 and 2008 to receive refunds on Ukrainian value-added taxes.
In a statement, ADM CEO Patricia Woertz called the conduct regrettable. Both she and the justice department noted ADM disclosed the bribes after discovering them.
ADM was not prosecuted, and has agreed to pay the U.S. Securities and Exchange Commission $36.5 million.