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Glass-Maker Owens-Illinois Investigating Potential FCPA Breaches

Post Time:Oct 29,2012Classify:Company NewsView:435

China Glass Network 

Glass container maker


Owens-Illinois disclosed it in its quarterly report with the Securities and Exchange Commission that it was conducting an internal investigation into conduct at certain overseas operations that may have violated the Foreign Corrupt Practices Act as well as foreign laws.


The Perrysburg, Ohio-company said it had disclosed the probe in October to the Department of Justice and the Securities and Exchange Commission, which jointly enforce the law. The FCPA prohibits improper payments to foreign officials to gain a business advantage and also requires companies to maintain accurate accounting records.


“We identified, this we self-reported it, and we are taking this very seriously,” a company spokeswoman said. “We are striving to act with integrity.”


Spokeswomen for the Justice Department and the SEC didn’t immediately respond to requests for comment.


Owens-Illinois is one of the world’s largest glass container makers, manufacturing everything from beer bottles to tableware. The company reported $7.4 billion in sales in 2011 and operates in 21 countries.


The company said in its quarterly report it was unable to predict the duration, scope or outcome of its internal investigation. It also said it would cooperate with any investigation opened by U.S. authorities and could be subject to probes overseas.


Source: http://blogs.wsj.comAuthor: shangyi

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