Toyota reports alleged bribery case in Thailand to US authorities
Japanese car maker Toyota in a stock exchange filing on March 18 said it has submitted a report to US authorities over possible anti-bribery violations involving a subsidiary in Thailand.
The report was submitted in April last year to the US Justice Department and the Securities and Exchange Commission, the company said.
The two US agencies are responsible for enforcing the US Foreign Corrupt Practices Act that prohibits all US individuals and US-incorporated and/or listed companies from paying bribes to foreign public officials or get otherwise entangled in graft cases.
If any wrongdoing is determined, this could lead to civil or criminal penalties and additional fines and sanctions.
Toyota did not reveal any details on the issue in the filing, neither did the carmaker say why the filing was made nearly one year after the report was submitted to US authorities.
“Upholding ethical standards”
“Toyota works tirelessly to uphold the highest professional and ethical standards in each country where we operate,” a company spokesperson said in a statement to Bloomberg News.
“We take any allegations of wrongdoing seriously and are committed to ensuring that our business practices comply with all appropriate government regulations,” the spokesperson added.
Thailand is not exactly known for being corruption-free. The nation ranked 104th among 180 countries surveyed in the latest annual Corruption Perceptions Index published in January 2021 by Transparency International, down from 101st a year earlier.
Toyota Thailand Japanese car maker Toyota in a stock exchange filing on March 18 said it has submitted a report to US authorities over possible anti-bribery violations involving a subsidiary in Thailand. The report was submitted in April last year to the US Justice Department and the Securities and Exchange Commission, the company said. The two US agencies are responsible for enforcing the US Foreign Corrupt Practices Act that prohibits all US individuals and US-incorporated and/or listed companies from paying bribes to foreign public officials or get otherwise entangled in graft cases. If any wrongdoing is determined, this could lead...
Japanese car maker Toyota in a stock exchange filing on March 18 said it has submitted a report to US authorities over possible anti-bribery violations involving a subsidiary in Thailand.
The report was submitted in April last year to the US Justice Department and the Securities and Exchange Commission, the company said.
The two US agencies are responsible for enforcing the US Foreign Corrupt Practices Act that prohibits all US individuals and US-incorporated and/or listed companies from paying bribes to foreign public officials or get otherwise entangled in graft cases.
If any wrongdoing is determined, this could lead to civil or criminal penalties and additional fines and sanctions.
Toyota did not reveal any details on the issue in the filing, neither did the carmaker say why the filing was made nearly one year after the report was submitted to US authorities.
“Upholding ethical standards”
“Toyota works tirelessly to uphold the highest professional and ethical standards in each country where we operate,” a company spokesperson said in a statement to Bloomberg News.
“We take any allegations of wrongdoing seriously and are committed to ensuring that our business practices comply with all appropriate government regulations,” the spokesperson added.
Thailand is not exactly known for being corruption-free. The nation ranked 104th among 180 countries surveyed in the latest annual Corruption Perceptions Index published in January 2021 by Transparency International, down from 101st a year earlier.
