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SEC v. Monsanto Company

 
:
Monsanto - Monsanto Co.
:
SEC Civil
:
January 6, 2005
:
SEC v. Monsanto Company
:
SEC v. Monsanto Co., No. 05-0014, (D.D.C. 2005)
:
The investigation was initiated by Monsanto itself when it noticed financial irregularities at its Indonesian business.
:
Agriculture-Nonfood
:
Indonesia
:
1997; 1998; 1999; 2000; 2001; 2002
:
Senior Indonesia Ministry of Environment official
:
In March of 2001, Monsanto noticed possible financial irregularities within its Indonesian affiliates and began an internal investigation. The inquiry eventually revealed that a Monsanto officer authorized the payment of a $50,000 bribe to a senior Indonesian Environment Official in order to induce the repeal of a government decree. The decree required an environmental impact assessment study prior to the cultivation of certain agricultural products, and would have prevented Monsanto from cultivating certain of its genetically modified crops in Indonesia. In addition, Monsanto inaccurately recorded $700,000 of other questionable payments to various other government officials in its books.

Without admitting or denying the SEC's allegations, Monsanto consented to the order requiring a civil penalty of $500,000.
:
Anti-bribery (Issuer), Books and records (Issuer), Internal controls (Issuer)
:
Civil penalty, Compliance Monitor, Injunction/Cease and desist
:
Civil penalty of $500,000
:
500,000
:
0
:
Issuer
:
U.S.
:
Legislation, Visa/Immigration
:
Not stated.
:
Cash
:
Direct
:
50,000
:
Indonesia
:
No