WASHINGTON (Pakistan Point News / Sputnik - 28th September, 2019) A Canadian clean fuel technology firm and its former head agreed to a $4 million settlement over charges of bribing a Chinese government official, the US Securities and Exchange Commission (SEC) said.
"Westport Fuels Systems, Inc., a Canadian clean fuel technology company headquartered in Vancouver, Canada, and its former chief executive officer, Nancy Gougarty.... have agreed to pay more than $4.1 million to resolve charges that they violated the Foreign Corrupt Practices Act (FCPA) by paying bribes to a foreign government official in China," the SEC said in a press release on Friday.
The company allegedly bribed the official in exchange for business and dividends by transferring shares to a Chinese government-linked private equity fund. Westport falsely doctored public filings and internal records to illegally conceal the identity of the fund, according to the SEC.
Without admitting or denying the findings, the respondents consented to a cease-and-desist order and agreed to pay fines, the SEC noted.
Westport Fuels Systems, the release said, will pay $2.5 million in disgorgement and prejudgment interest and a civil penalty of $1.5 million. The CEO of the firm will also pay a civil penalty of $120,000.