- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-09-28T20:59:00
Out-of-home advertising company Clear Channel Outdoor Holdings agreed to pay more than $26 million as part of a settlement with the Securities and Exchange Commission (SEC) alleging its former China-based subsidiary bribed government officials to obtain outdoor advertising contracts.
Clear Channel was fined $6 million, in addition to agreeing to disgorge approximately $16.4 million and pay prejudgment interest of approximately $3.8 million, for violating the Foreign Corrupt Practices Act, the SEC announced in a press release Thursday.
The agency cited the company for anti-bribery, recordkeeping, and internal accounting control violations.
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Enforcement actions regarding alleged violations of the Foreign Corrupt Practices Act at 3M, Albemarle, Clear Channel Outdoor, and Royal Philips each had China touchpoints. Experts assess third-party risk management lessons learned from each case.
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The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
