US: ADM taking action on anti-corruption probe
ADM investigating corruption charges
US grain trader Archer Daniels Midland is investigating whether employees have broken anti-corruption laws.
In a quarterly report filed yesterday (6 November), the company said it is looking into the actions of employees in unspecified international markets. ADM added it has informed the Justice Department and Securities and Exchange Commission into whether staff have broken the US Foreign Corrupt Practices Act.
A spokesperson for the company told just-food ADM undertook a "comprehensive internal investigation" and "retained an independent auditing firm" to conduct an independent review of the situation "as soon as we became aware of some questionable transactions".
"In early 2009, we voluntarily disclosed our findings to government regulators and have continued to work closely with them. We also implemented comprehensive internal-control enhancements recommended by the independent auditor, as well as taking disciplinary action, up to and including termination of employees," the spokesperson said.
Archer Daniels Midland is set to table an offer for GrainCorp after completing an agreed period of due diligence on the Australian grain trader....
Archer Daniels Midland has booked a drop in first-quarter profits as higher costs hit the bottom line....
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