Diageo settles US bribery charges
Published:Friday | July 29, 2011 | 12:00 AM
Diageo PLC, the world's biggest liquor producer, has agreed to pay about US$16.4 million to settle civil allegations of bribing government officials in India, Thailand and South Korea to get sales and tax benefits for its Johnnie Walker and Windsor Scotch whiskeys and other brands.
The US Securities and Exchange Commission on Wednesday announced the settlement with London-based Diageo.
The SEC had accused the company of paying more than US$2.7 million in bribes through subsidiaries in the three countries from 2003 to 2009.
Diageo neither admitted nor denied wrongdoing but agreed to refrain from future violations.
The company is paying US$13.3 million in restitution and interest, and a US$3-million fine. Diageo, whose brands also include Smirnoff vodka and Guinness stout, also improved its compliance with anti-bribery laws, the SEC said.
Diageo is the parent for Jamaican beverage company and brewery Desnoes and Geddes Limited, which trades as Red Stripe.
- AP