SEC Sues Volvo Over Oil-For-Food Kickbacks

Law360, New York (March 21, 2008, 12:00 AM EDT) -- Swedish automaker AB Volvo has become the latest company to be targeted by the U.S. Securities and Exchange Commission for violating the Foreign Corrupt Practices Act. The regulator filed a suit against the company alleging that Volvo offered illegal kickbacks in connection with the oil-for-food program in Iraq.

In a complaint filed Thursday in the U.S. District Court for the District of Columbia, the SEC alleges that between 1999 and 2003, Volvo violated the FCPA by making $6,206,331 in kickback payments and authorizing an additional $2,388,419...
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