DIAGEO said, 'it takes the SECs findings seriously and regrets this matter. Systems and controls have been enhanced in an effort to prevent the future occurrence of such issues'
FPJ BUSINESS DESK
Mumbai Liquor giant Diageo Plc noted for its Johnnie Walker scotch whiskey brands has been charged by the US Securities and Exchange Commission ( SEC) with paying bribes to the tune of USD 2.7 million to government officials in India, Thailand, and South Korea over a six year period from 2003. More than 60 per cent of the bribe amount was paid in India.
Diageo, the world's leading premium drinks business, owns various brands like Johnnie Walker, Smirnoff, VAT 69 and Sharktooth in India.
" In India, from 2003 through mid- 2009 Diageo, made over $ 1.7 million in illicit payments to hundreds of Indian government officials responsible for purchasing or authorising the sale of its beverages. Increased sales from these payments yielded more than $ 11 million in ill- gotten gains," said a SEC " ceaseand- desist" order issued earlier this week.
Diageo agreed to pay over USD 16 million to settle the SEC's charges.
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