LATAM Airlines to pay US$22m over Argentine bribes case
LATAM has agreed to pay more than $22m in civil and criminal fines relating to a decade-old Argentine bribery case, US authorities said Monday. The US Securities and Exchange Commission said the fine of LATAM unit LAN related to "improper payments it authorised during a dispute between the airline and its union employees in Argentina". The payments date back to 2006 to 2007. LAN had used an Argentine consultant to negotiate with unions on the company's behalf and paid the consultant via a sham contract that channelled funds to corrupt union officials, the SEC said. The scheme had violated the accounting provisions of the Foreign Corrupt Practices Act and the airline agreed to pay a $12.75m criminal penalty. It will pay a further $9.4m, including interest, to settle the SEC's charges of inadequate accounting controls. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-07-26/oneworld/latam-airlines-to-pay-us-22m-over-argentine-bribes-case
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LATAM Airlines to pay US$22m over Argentine bribes case
LATAM has agreed to pay more than $22m in civil and criminal fines relating to a decade-old Argentine bribery case, US authorities said Monday. The US Securities and Exchange Commission said the fine of LATAM unit LAN related to "improper payments it authorised during a dispute between the airline and its union employees in Argentina". The payments date back to 2006 to 2007. LAN had used an Argentine consultant to negotiate with unions on the company's behalf and paid the consultant via a sham contract that channelled funds to corrupt union officials, the SEC said. The scheme had violated the accounting provisions of the Foreign Corrupt Practices Act and the airline agreed to pay a $12.75m criminal penalty. It will pay a further $9.4m, including interest, to settle the SEC's charges of inadequate accounting controls. <br/>
