ADM subsidiary admits overseas bribery, fined

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Associated Press

Posted on December 21, 2013 at 6:00 AM

Updated Saturday, Dec 21 at 6:02 AM

SPRINGFIELD, Ill. (AP) — The U.S. Department of Justice says an overseas subsidiary of agribusiness giant Archer Daniels Midland Company has agreed to pay $17.8 million in fines after pleading guilty to bribing Ukrainian officials.

The agency said Friday that Alfred C. Toepfer International Ukraine Ltd. pleaded guilty in federal court in Illinois to conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act.

ADM is based in Decatur, Ill. ACTI Ukraine is its Ukrainian subsidiary.

The bribes were made between 2002 and 2008 to receive refunds on Ukrainian value-added taxes.

In a statement, ADM CEO Patricia Woertz called the conduct "regrettable."

Both she and the Justice Department noted ADM disclosed the bribes after discovering them.

ADM was not prosecuted but agreed to pay the U.S. Securities and Exchange Commission $36.5 million.

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