US grain firm Archer Daniels Midland (ADM) has revealed that it is investigating whether staff have violated US anti-corruption laws.
ADM has “initiated discussions” with the Justice Department and Securities and Exchange Commission that staff in unspecified markets may have violated the Foreign Corrupt Practices Act.
The firm began an internal investigation of transactions in August 2008 and voluntarily presented its findings to US and other foreign regulators in March 2009. Several staff had their contracts terminated as a result of the review.
"As soon as we became aware of some questionable transactions, ADM undertook a comprehensive internal investigation and retained an independent auditing firm to conduct its own review," said an ADM spokesperson.
Neither the US Justice Department or Securities and Exchange Commission commented on the story.
ADM could face criminal or civil charges as a result of the breach and could be forced to hand over and profits derived from inappropriate payments.
Meanwhile, ADM is facing resistance in its $2.3 billion pursuit of Australian grain dealer GrainCorp GrainCorp is believed to have sounded out other potential buyers and has questioned whether the ADM offer represents good value for shareholders.
