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U.S. v. SSI International Far East, Ltd.

 
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Schnitzer Steel - SSI International Far East, Ltd. (SSI Korea)
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DOJ Criminal
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October 10, 2006
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U.S. v. SSI International Far East, Ltd.
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United States v. SSI Int'l Far East Ltd., Case 3:06-cr-00398-KI (D. Or. Oct. 16, 2006)
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In this case, the DOJ pursued bribery payments to government officials and employees of private organizations, not the subject of the FCPA anti-bribery provisions.
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Building Products
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China, South Korea
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1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004
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Managers of government-owned and private steel production companies
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SSI International Far East, Ltd. (SSI Korea) was a wholly owned South Korean subsidiary of Schnitzer Steel Industries, Inc. (Schnitzer Steel), a U.S. corporation. From 1995 to 2004, SSI Korea made payments to officers and employees (managers) of government-owned and private steel production companies in China and South Korea to induce them to purchase scrap metal. The payments were made to foreign officials primarily in the form of commissions, refunds, and gratuities via off-book foreign bank accounts. SSI Korea agreed to plead guilty to violating the anti-bribery and accounting provisions of the FCPA and pay a $7.5 million penalty. Schnitzer Steel entered into a three-year deferred prosecution agreement and agreed to retain a compliance monitor for three years.
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Aiding and abetting books and records, Anti-bribery (Other Persons)
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Wire Fraud
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Fine, Plea
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7,500,000
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0
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Other Person
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Foreign
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Contract Procurement/Retention
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55,000,000
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Cash, Entertainment, Gifts, Meals, Wire/check
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Direct, Shell entity
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1,900,000
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China, South Korea
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South Korea
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No
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No