Search

Episode 226 -- A Deep Dive into KT Corp.'s SEC FCPA Settlement - JD Supra

The SEC announced the first FCPA enforcement action in 2022. South Korean telecommunications company, KT Corporation, agreed to pay $6.3 million to settle FCPA violations. As part of the settlement, KT Corp. agreed to pay $3.5 million in civil penalties and $2.8 million in disgorgement. KT Corp. is South Korea’s largest telecommunications company.

KT Corp. violated the FCPA’s books and records and internal accounting controls provisions See more +

The SEC announced the first FCPA enforcement action in 2022. South Korean telecommunications company, KT Corporation, agreed to pay $6.3 million to settle FCPA violations. As part of the settlement, KT Corp. agreed to pay $3.5 million in civil penalties and $2.8 million in disgorgement. KT Corp. is South Korea’s largest telecommunications company.

KT Corp. violated the FCPA’s books and records and internal accounting controls provisions stemming from its activities in South Korea and Vietnam. As explained in the SEC’s Order, KT lacked sufficient internal accounting controls over its expenses, including executive bonuses and purchases of gift cards, which resulted in KT Corp. managers and executives generating slush funds for illegal purposes. Additionally, KT Corp. failed to adopt anti-corruption policies and procedures with respect to donations, employment candidates, vendors, subcontractors or third-party agents. As a result, KT Corp. employees were able to provide improper benefits to government officials and potential government customers.

In this Episode, Michael Volkov reviews the KT Corp. settlement.

See less -

Adblock test (Why?)



"corp" - Google News
February 27, 2022 at 10:49AM
https://ift.tt/eEHt1qi

Episode 226 -- A Deep Dive into KT Corp.'s SEC FCPA Settlement - JD Supra
"corp" - Google News
https://ift.tt/unYKiXa
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini

0 Response to "Episode 226 -- A Deep Dive into KT Corp.'s SEC FCPA Settlement - JD Supra"

Post a Comment

Powered by Blogger.