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Daimler subsidiaries plead guilty to bribery

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Friday, April 2, 2010

LEGAL

Daimler subsidiaries plead guilty to bribery

Two units of Daimler pleaded guilty to violations of the U.S. Foreign Corrupt Practices Act, as part of an agreement with prosecutors to resolve allegations that the German carmaker paid bribes to foreign officials.

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The units, DaimlerChrysler Automotive Russia and Germany-based Daimler Export and Trade Finance, pleaded guilty in U.S. District Court in Washington to conspiring to violate the FCPA and to violating its anti-bribery provisions.

The two subsidiaries were accused of paying bribes to Russian and Croatian government officials to secure contracts to sell cars and trucks.

Daimler, the Stuttgart-based maker of Mercedes-Benz cars and trucks, last month agreed to pay a $93.6 million fine to settle the criminal probe, which includes penalties imposed on the two subsidiaries.

-- Bloomberg News

CORPORATE GOVERNANCE

Treasury appoints two to AIG board

The Treasury Department announced Thursday that it was appointing two members to American International Group's board of directors. The agency had the right to make the appointments because the insurance giant has failed to pay dividends to the government over four quarters for its bailout loan.

The two appointees are Donald Layton, a former chief executive of E-Trade Financial, and Ronald A. Rittenmeyer, a former chief executive of Electronic Data Systems.


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