New York, NY
On August 8, news and technology blog Digital Olympus.com commented on a recent Wall Street Journal news article by Christopher M. Matthews regarding ATM maker Diebold’s decision to pay $48 million in fines to the Department of Justice and the Securities and Exchange Commission in order to settle its alleged Foreign Corrupt Practices Act violations.
According to the Wall Street Journal news article, “Diebold said in its second quarter report it had reached an agreement in principle with the U.S. Department of Justice and the Securities in Exchange commission to pay $48 million in penalties to resolve allegations it violated an anti-bribery law.”
The Wall Street Journal news piece also stated that Diebold discovered, after an internal probe, that workers from its Russian subsidiary had made payments to Russian officials that might have violated the U.S. Foreign Corrupt Practices Act, a law that specifically bars inappropriate payments by American companies to foreign officials in order to secure business.
Responding to the Wall Street Journal news article, DigitalOlympus.com lead researcher Josh Cole highlighted Diebold’s remedial actions, especially its decision to fire its Russian business leaders during its internal investigation. Cole also spoke of the company’s commitment to appoint an independent compliance monitor for (at least) the next 18 months.
“Diebold’s case shows that it’s not just about paying a fine anymore. Nowadays companies, in this kind of situation, need to show their commitment to the DOJ and the SEC by employing a firm specialized in due diligence investigations. A company that that knows how to develop an efficient FCPA compliance program can make a huge difference,” said Cole.
As a leading news and technology blog, DigitalOlympus.com recommends its readers to employ third party specialists in conducting corporate investigations that excel at preventing FCPA misconducts.
Digitalolympus.com is a news blog dedicated to educating its readers on the latest technology advances. They are committed to gathering information on up and coming technologies that will enhance the lives of their readership. Digitalolympus.com is always at the forefront of technology news and events guiding its readers to accurately determine the best course of action for themselves and their businesses.