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Daimler has to pay a total fine of $185 million to U.S. Government

in All, Auto
by Dan
April 3, 2010 at 4:09 am

It seems that in March the German manufacturer Daimler AG was charged by the U.S Department of Justice with repeatedly violating bribery laws.

Daimler announced that it reached settlements with both the U.S. Securities and Exchange Commission and the U.S. Department of Justice.

Moreover, charges filed against Daimler included bribery of government officials in Russia, Turkey, Egypt, Iraq, Nigeria, and several other countries. According to the Department of Justice, these contracts were reportedly worth hundreds of millions of dollars.

To make amends for its actions, Daimler will pay a $93.6 million fine to the Department of Justice for violating the agency’s books and records regulations bringing Daimler’s total penalty to $185 million.

“Compliance has high priority at Daimler,” said Dr. Dieter Zetsche, chairman of Daimler’s board of management, in a statement regarding the settlement. “We have learned a lot from past experience. Today, we are a better and stronger company, and we will continue to do everything we can to maintain the highest compliance standards.”

Under the deferred prosecution agreements reached with the U.S. government, all of the charges will be dropped in two years if Daimler doesn’t incur any further violations in the same time period.

Image source: automobilemag

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