Toyota Discloses Possible Anti-Bribery Breaches in Thailand
(Bloomberg) -- Toyota Motor Corp. reported possible anti-bribery violations involving a subsidiary in Thailand to U.S. authorities last year, which could result in civil or criminal penalties.
The Japanese automaker is cooperating with investigations that may also lead to fines or other sanctions by the U.S. Department of Justice or Securities and Exchange Commission, according to an SEC filing Thursday. The agencies are responsible for enforcing the Foreign Corrupt Practices Act, which prohibits companies from paying bribes to foreign public officials.
“Toyota works tirelessly to uphold the highest professional and ethical standards in each country where we operate,” Toyota spokeswoman Shiori Hashimoto said in an emailed statement. “We take any allegations of wrongdoing seriously and are committed to ensuring that our business practices comply with all appropriate government regulations.”
The scope, duration and outcome of the investigations are unknown at this time, according to the filing.
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Toyota’s shares were little changed Friday morning in Tokyo after rising 6.2% this week through Thursday.
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