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Home»Business»Clear Channel Outdoor settles China bribery charges -SEC
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Clear Channel Outdoor settles China bribery charges -SEC

September 29, 2023No Comments3 Mins Read
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[1/2]The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. REUTERS/Jim Bourg/File Photo Acquire Licensing Rights

WASHINGTON, Sept 28 (Reuters) – The U.S. Securities and Exchange Commission said on Thursday that advertising company Clear Channel Outdoor Holdings (CCO.N) agreed to pay more than $26 million to resolve charges it bribed Chinese government officials to obtain outdoor ad contracts in violation of U.S. law.

The SEC complaint alleged the company violated the U.S. Foreign Corrupt Practices Act through the actions of its agent, Clear Media Limited, which at the time was a Clear Channel majority-owned subsidiary in China.

The SEC said from at least 2012 through 2017, Clear Media bribed Chinese government officials to obtain contracts required to sell advertising services to public and private sector clients for display on public bus shelters and other outdoor displays.

The regulator also said that from at least 2012 through 2019, Clear Channel failed to ensure sufficient internal accounting controls were in place at Clear Media.

“Clear Media bribed Chinese officials with expensive gifts and entertainment and used off-book consultants to obtain contracts from Chinese authorities,” Charles Cain, a senior SEC official, said in a statement.

The company confirmed the settlement and said it cooperated with the SEC, adding it has since sold its entire interest in Clear Media while also improving its internal controls.

Without admitting or denying the SEC findings, Clear Channel agreed to cease and desist from committing or causing future violations, pay disgorgement plus prejudgment interest totaling about $20.1 million, and pay a $6 million civil penalty, according to the settlement.

See also  China Is Far From Alone in Experiencing Population Decline

Reporting by Kanishka Singh and Chris Prentice; Editing by Richard Chang and Chris Reese

: .

Acquire Licensing Rights, opens new tab

Kanishka Singh is a breaking news reporter for Reuters in Washington DC, who primarily covers US politics and national affairs in his current role. His past breaking news coverage has spanned across a range of topics like the Black Lives Matter movement; the US elections; the 2021 Capitol riots and their follow up probes; the Brexit deal; US-China trade tensions; the NATO withdrawal from Afghanistan; the COVID-19 pandemic; and a 2019 Supreme Court verdict on a religious dispute site in his native India.

Chris Prentice reports on financial crimes, with a focus on securities enforcement matters. She previously covered commodities markets and trade policy. She has received awards for her work from the Society for Advancing Business Editing and Writing and the Newswomen’s Club of New York.

Bribery Channel charges China clear Outdoor SEC settles
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