Securities Law Updates | New Releases/No Action Letters
August 24, 2010
Bribery Charges Brought Against Two Global Tobacco Companies for Violating FPCA
SEC v. Universal Corp., Inc./SEC v. Alliance One International, Inc.
Civil Action No. 01:10-cv-01318 (RWR) (D.D.C.) / Civil Action No. 01:10-cv-01319 (RMU) (D.D.C.) No. 21618, 8/6/2010
The U.S. Securities and Exchange Commission (“SEC,” or “Commission”) has charged two major tobacco companies, Universal Corporation, Inc. and Alliance One International, Inc., with violating, among other things, the anti-bribery provisions of the Foreign Corrupt Practices Act of 1977 (“FCPA”) for their involvement in a multi-million dollar bribery scheme with government officials in Thailand to obtain nearly $30 million in sales contracts to supply tobacco.
The SEC also charged Alliance One with paying bribes in Kyrgyzstan and making improper payments in China, Greece, and Indonesia and Universal with making improper payments in Malawi and Mozambique. Moreover, the SEC’s complaints alleged Universal…
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