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In May 2008, a unit of Koch Industries Inc., one of the world’s largest privately held companies, sent Ludmila Egorova-Farines, its newly hired compliance officer and ethics manager, to investigate the management of a subsidiary in Arles in southern France. In less than a week, she discovered that the company had paid bribes to win contracts.“I uncovered the practices within a few days,” Egorova- Farines says. “They were not hidden at all.”
She immediately notified her supervisors in the U.S. A week later, Wichita, Kansas-based Koch Industries dispatched an investigative team to look into her findings, Bloomberg Markets magazine reports in its November issue.
By September of that year, the researchers had found evidence of improper payments to secure contracts in six countries dating back to 2002, authorized by the business director of the company’s Koch-Glitsch affiliate in France.
“Those activities constitute violations of criminal law,” Koch Industries wrote in a Dec. 8, 2008, letter giving details of its findings. The letter was made public in a civil court ruling in France in September 2010; the document has never before been reported by the media.
Wait, what? A company self regulates and reports illegal activity to the authorities as soon as it finds out and you're being critical? As though somehow a parent company should be instantaneously aware of every thing a subsidiary does? Could you drop the partisanship for the moment to actually view reality.
Egorova-Farines wasn’t rewarded for bringing the illicit payments to the company’s attention. Her superiors removed her from the inquiry in August 2008 and fired her in June 2009, calling her incompetent, even after Koch’s investigators substantiated her findings. She sued Koch-Glitsch in France for wrongful termination.
What is disturbing is that they basically fired a whistleblower.
Yes, but that was still the actions of the subsidiary. The subsidiary has acted wrongly, but to try and paint the entire company as guilty in this is ridiculous.
If it was an isolated incident.. then sure... but Koch industries and its subsidiaries have been busted time and time again over the decades for illegal activities not to mention being masters at getting government subsidies...
And the Koch Brothers are know to be very involved in all parts of their empire, so using the excuse it was a subsidiary is a load of ...
If it was an isolated incident.. then sure... but Koch industries and its subsidiaries have been busted time and time again over the decades for illegal activities not to mention being masters at getting government subsidies...
And the Koch Brothers are know to be very involved in all parts of their empire, so using the excuse it was a subsidiary is a load of ...
What is disturbing is that they basically fired a whistleblower.
So why did they have an investigation if they already knew about it?
No surprise at all.. and of course they will get away with it because of who they are.
Yes, but that was still the actions of the subsidiary. The subsidiary has acted wrongly, but to try and paint the entire company as guilty in this is ridiculous.
there ya have it folks... it's bad and evil for companies to self regulate.
Yes, but that was still the actions of the subsidiary. The subsidiary has acted wrongly, but to try and paint the entire company as guilty in this is ridiculous.
This thread needs more FOX News bashing dontcha think?
Why am I not surprised to find you in this thread?
Hm...I wonder...could a company set up a subsidiary to conduct illegal activities and take the fall should it get caught?
A++
You get a gold star.
Except change evil to 'ANY'... companies should NEVER self-regulate.
However...
Industries can be allowed to a LIMITED amount of self-regulation. (e.g. MPAA)
So if a company finds illegal activity, they should just let it happen until the authorities find it? :lol:
This thread needs more FOX News bashing dontcha think?
FOX does a pretty good job of bashing themselves. FOX, the news channel of those who do not want to think for themselves. If FOX did not exist, Jon Stewart would have nothing to make fun of.
Was that enough or do I need to come up with more?
What is disturbing is that they basically fired a whistleblower.
Press Release: SEC Charges General Electric and Two Subsidiaries with FCPA Violations; 2010-133; July 27, 2010Washington, D.C., July 27, 2010 — The Securities and Exchange Commission today charged General Electric Company with violations of the Foreign Corrupt Practices Act (FCPA) for its involvement in a $3.6 million kickback scheme with Iraqi government agencies to win contracts to supply medical equipment and water purification equipment.
The SEC alleges that two GE subsidiaries — along with two other subsidiaries of public companies that have since been acquired by GE — made illegal kickback payments in the form of cash, computer equipment, medical supplies, and services to the Iraqi Health Ministry or the Iraqi Oil Ministry in order to obtain valuable contracts under the U.N. Oil for Food Program.
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