February 14, 2009

ITT Corp. Settles Case Prompted by Ombuds

Global conglomerate ITT Corporation settled a civil case brought by the Securities and Exchange Commission for violations of the Foreign Corrupt Practices Act. The SEC claimed that an ITT subsidiary paid about $200,000 to Chinese government officials from 2001 through 2005. According to the SEC complaint, ITT discovered the illegal payments when anonymous employees complained to the company Ombuds. The details of the ITT Ombuds program are unavailable to the public. (SEC Complaint via FCPA Blog.)

1 comment:

  1. FROM - http://www.ittaerospace.com/download/pdf/aerospace/itt_supplier_ombudsman_program.pdf

    ITT’s Supplier Ombudsperson Program employs a 3 Party Vendor – EthicsPoint – to provide our
    Suppliers a confidential avenue for raising ethics and compliance related concerns. EthicsPoint
    representatives route information provided by Suppliers to the appropriate leadership at ITT;
    access to raised issues is tightly restricted, secure and, again, confidential.

    Quasi at best....