Allianz To Pay $12.3M To Settle Indonesian Bribery Claims

Law360, New York (December 17, 2012, 3:20 PM EST) -- Allianz SE has agreed to pay $12.4 million to settle claims it violated the Foreign Corrupt Practices Act by failing to stop a subsidiary from bribing Indonesian officials for insurance contracts, the U.S. Securities and Exchange Commission said Monday.

The SEC filed and settled an administrative proceeding alleging Germany-based Allianz violated the books and records and internal controls provisions of the FCPA. In particular, the company failed to prevent its Indonesian majority-owned subsidiary, PT Asuransi Allianz Utama, from paying the bribes and from disguising them through...
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