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U.S. alleges Daimler paid bribes

Daimler AG was charged on Tuesday with violating U.S. bribery laws for a decade by showering foreign officials with millions of dollars in payments and gifts of luxury cars in hopes of winning lucrative business deals. Daimler plans to pay $185-million (U.S.) to settle charges by the U.S. Justice Department and Securities and Exchange Commission while its German and Russian units plan to plead guilty to the criminal charges, a source familiar with the case said. U.S. prosecutors accused the German automotive giant of engaging “in a long-standing practice of paying bribes” to secure deals in Russia, China, Turkey, Egypt, Nigeria, Iraq and at least 16 other countries between 1998 and early 2008, according to a criminal information filed in U.S. court. More…

News selected by Covalence | Country: Global | Company — EthicalQuote link: Daimler | Source: The Globe and Mail

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