BHP (BHP) Slumps Amid Ongoing Probe Into Beijing Olympics Bribery Accusations
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Reports earlier today have BHP Billiton (NYSE: BHP) being subject of a join U.S.-Australian probe into dealings made ahead of the 2008 Beijing Olympics.
The Criminal Division of the US Department of Justice and the Australian Federal Police are looking into alleged inducements, hospitality, and/or gifts given by BHP to Chinese dignitaries to gain more favorable sponsorship into the event. Authorities allege that BHP broke several laws, including the U.S. Foreign Corrupt Practices Act and Australian state or federal corporate and criminal laws
BHP has said today the the investigations have been ongoing since 2009.
Federal police are said to have identified several "suspicious" transactions recorded as legitimate business payments made by BHP.
The U.S. DoJ affirmed being in "law enforcement proceedings" with BHP, according to the Brisbane Times.
Shares are down 0.4 percent Tuesday.
The Criminal Division of the US Department of Justice and the Australian Federal Police are looking into alleged inducements, hospitality, and/or gifts given by BHP to Chinese dignitaries to gain more favorable sponsorship into the event. Authorities allege that BHP broke several laws, including the U.S. Foreign Corrupt Practices Act and Australian state or federal corporate and criminal laws
BHP has said today the the investigations have been ongoing since 2009.
Federal police are said to have identified several "suspicious" transactions recorded as legitimate business payments made by BHP.
The U.S. DoJ affirmed being in "law enforcement proceedings" with BHP, according to the Brisbane Times.
Shares are down 0.4 percent Tuesday.
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