Chile's SQM to pay $30 million U.S. penalty over invoices case
Get Alerts SQM Hot Sheet
Join SI Premium – FREE
SANTIAGO (Reuters) - Chilean lithium and fertilizer giant SQM said on Friday it had agreed to pay more than $30 million in penalties to the U.S. Department of Justice and Securities and Exchange Commission to resolve a probe over alleged fake invoices.
It said the DOJ would defer charges relating to internal accounting failures and scrap them after three years if the company agreed to pay $15.5 million and be monitored for two years.
Meanwhile, SQM said it had agreed with the SEC to pay a penalty of $15 million, also over accounting violations.
Authorities had been investigating claims that executives at SQM
The accusations toppled chief executive, Patricio Contesse, and led SQM to introduce measures to tighten corporate governance, as it seeks to reassure investors that include international resources firms such as Canada's Potash Corp (NYSE: POT) and China's Tianqi <002466.SZ>.
"The SEC has issued a cease and desist order that does not identify any other violations of United States law and in which the SEC notes the fact that the company has taken corrective measures," SQM said in a statement.
The scandal, which also involved other Chilean companies and lawmakers across the political spectrum, dominated headlines in the country for months.
(Reporting by Rosalba O'Brien; Editing by Bernard Orr)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fisker (FSR) files form 10-K, sees more job cuts, reiterates going concern doubts
- Ocean Biomedical (OCEA) Announces Receipt of Notice from Nasdaq Regarding Late Filing of Annual Report on Form 10-K
- YY Group Holding (YYGH) Closes $5M IPO
Create E-mail Alert Related Categories
Corporate News, Litigation, ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!