3M fined by SEC for violation in China of Foreign Corrupt Practices Act


3M Co. MMM, +0.46% agreed to pay disgorgement plus prejudgment interest totaling $4.58 million and a $2 million civil penalty for charges that it violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act (FCPA) in its business activities in China, the Securities and Exchange Commission said Friday. The SEC’s order found that 3M’s Chinese subsidiary paid about $1 million for at least 24 trips for Chinese government officials that included tourism activities as part of efforts to persuade them to buy 3M products, from at least 2014 to 2017. Without admitting or denying the findings, 3M agreed to cease and desist from future violations.  3M stock was up by 0.1% on Friday, while the S&P 500 SPX, +0.67% rose fractionally.

This article was originally published by Marketwatch.com. Read the original article here.

Previous article: Apollo names Chris Ayers new Arconic CEO
Next article: Rite Aid stock suffers worst day in years; Twinkies and Snoballs maker Hostess is a standout on deal buzz


Please enter your comment!
Please enter your name here