Word: sec
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Dates: during 1970-1979
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...Wall Street Journal, which had learned the results of the SEC probe, extracted from United Brands a public admission that last year it had paid a $1.25 million bribe to a high official in Honduras-and speculation immediately centered on none other than the chief of state of the country, Oswaldo Lopez Arellano. The bribe was offered in order to win a reduction in a 500 export tax on every 40-lb. box of the bananas that United Brands grows in Honduras and sells in the U.S., mostly under the "Chiquita" trademark. The company's statement said that Black...
Permanent Injunction. Only hours after the Journal story appeared, the SEC filed suit against the company. It charged that United Brands had violated the Securities Exchange Act of 1934 by making false statements regarding company expenditures and by actually making unreported payments. These included an additional $750,000 paid since 1970 to officials of a European country "in connection with the securing of favorable business opportunities." The names of Germany and Italy promptly popped up in the press...
Gulf raised the funds by shifting company money to a subsidiary in the Bahamas, where it was supposedly spent for legitimate Gulf business. More than half the money was returned in cash to the U.S., the SEC asserts, and the rest was used abroad...
Suicide Note. In a Washington, B.C., federal court, the SEC charged Gulf and Wild with violating the agency's full-disclosure regulations. A specific complaint: the company failed to include in its proxy statements and annual reports the fact that it had "created a secret fund of corporate monies for the making of unlawful political contributions and other purposes." The SEC also charged that Gulfs balance sheets were understated because they failed to reflect the slush fund's value. Gulf signed a consent decree in which it agreed not to sin in the future. But Wild, who resigned...
...Then the SEC filed a civil complaint against Heltzer, Hansen and Cross for falsifying company records; the men settled by signing a consent decree. A fed eral grand jury indicted 3M, Hansen and Cross on charges of tax fraud. That case is still pending. Unpaid taxes on the illegal contributions could cost 3M as much as $9 million...