- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-09-11T14:16:00
Illinois-based manufacturer John Deere will pay approximately $10 million in penalties and disgorgement to the Securities and Exchange Commission (SEC) for violating the Foreign Corrupt Practices Act (FCPA) with bribes paid by a Thai subsidiary.
The SEC alleged that a John Deere subsidiary, Wirtgen Thailand, paid bribes to government officials and to a private company in Thailand to win contracts from 2017-20. John Deere settled the charges by agreeing to pay a $4.5 million fine and $5.4 million in disgorgement and prejudgment interest, the SEC announced in a press release Tuesday.
According to the SEC’s order, the misconduct included paying for massage parlor sessions, sightseeing trips disguised as factory visits, and cash payments made by a third party. The expenses were improperly recorded as legitimate commissions and other business expenses by Wirtgen Thailand employees, the SEC said.
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