13 février, 2007 22:08

US says Dow Chemical settles foreign bribes charges

The company, the No. 1 U.S. chemical maker, agreed to settle the SEC charges of violating the Foreign Corrupt Practices Act, without admitting or denying any wrongdoing, the SEC said.

The SEC's complaint said DE-Nocil Crop Protection Ltd., a pesticides subsidiary of Dow based in Mumbai, made an estimated $200,000 in improper payments to Indian government officials from 1996 through 2001, in part to expedite registration of some of the unit's products.

The subsidiary also made improper payments to state officials to distribute and sell its products, while other payments were made to government, tax and customs officials for gifts, entertainment and other items, the SEC said. (Additional reporting by Leonard Anderson)