ADM investigating corruption charges

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.