General Cable Corporation, a Kentucky-based wire and cable maker, is paying $6.5 million in penalties to settle accounting violations with the Securities and Exchange Commission, on top of over $75 million to resolve allegations by the SEC and the Justice Department that the company violated the Foreign Corrupt Practices Act.
General Cable’s overseas subsidiaries made improper payments to officials from foreign governments for 12 years to get business in Angola, Bangladesh, China, Egypt, Indonesia and Thailand, according to the SEC. The Highland Heights, Ky.-based company’s weak internal controls also failed to detect improper inventory accounting at its Brazilian subsidiary, leading GCC to materially misstate its financial statements from 2008 until the second quarter of 2012.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access