Goodyear Tire & Rubber Company said last week it has taken remedial measures after an internal investigation into improper payments in Kenya and Angola.
The Kenya probe was triggered by an anonymous complaint via the company’s ethics hotline. The investigation in Angola was based on a separate report from an employee there.
The company didn’t specify what remedial measures it has taken in response to the findings.
Goodyear joined our Corporate Investigations List in March 2012.
The company said it has disclosed the results of its investigations to the DOJ and SEC and is cooperating with the agencies.
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From The Goodyear Tire & Rubber Company’s Form 10-K filed with the SEC on February 12, here’s the full FCPA disclosure.
All FCPA-relevant disclosures filed with the SEC are available from ethiXbase, the world’s biggest anti-corruption knowledge base.
In June 2011, an anonymous source reported, through our confidential ethics hotline, that our majority-owned joint venture in Kenya may have made certain improper payments. In July 2011, an employee of our subsidiary in Angola reported that similar improper payments may have been made in Angola. Outside counsel and forensic accountants were retained to investigate the alleged improper payments in Kenya and Angola, including our compliance in those countries with the U.S. Foreign Corrupt Practices Act. We do not believe that the amount of the payments in question in Kenya and Angola, or any revenue or operating income related to those payments, are material to our business, results of operations, financial condition or liquidity.
As a result of our review of these matters, we have implemented, and are continuing to implement, appropriate remedial measures and have voluntarily disclosed the results of our initial investigation to the U.S. Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”), and are cooperating with those agencies in their review of these matters. We are unable to predict the outcome of any review that may be undertaken by the DOJ and SEC.