SEC, Con-Way Settle Over Philippine Customs Bribes

Law360, New York (August 28, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has settled a lawsuit charging international freight company Con-way Inc. with bookkeeping and internal controls violations related to a former affiliate’s practice of bribing customs and airline officials in the Philippines, the agency announced Wednesday.

The SEC had claimed Con-way's Philippine unit paid off officials for favorable treatment — violating the Foreign Corrupt Practices Act — kept the payments off its books, and knowingly failed to adequately enforce internal accounting controls.

Without denying or admitting the allegations, San Mateo, Calif.-based...
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