Foreign issuers beware: the FCPA’s accounting provisions aren’t limited to bribery
Bill Steinman and Nan Wang
December 18, 2018
The SEC reminded foreign issuers on December 10 that accounting misdeeds not only constitute securities fraud, they can violate the Foreign Corrupt Practices Act.
In an enforcement action that did not involve bribery of any kind, the SEC charged Agria Corporation, a Cayman Islands company headquartered in Hong Kong, with securities fraud for failure to properly value gains and losses in a transaction with an affiliated company in mainland China.… Continue Reading