Goodyear Pays Fine Related To Bribery Charges In Africa

Goodyear Tire & Rubber Co. has agreed to pay $16 million to U.S. regulators to settle charges that its foreign units bribed officials in Kenya and Angola to buy the company's tires. The Securities and Exchange Commission alleged that Goodyear failed to detect more than $3.2 million in bribes over a period of four years because of faulty compliance controls. Cash was reportedly given to employees of both private and public entities such as police. The bribes were then reported as legitimate business expenses in the books of units. Goodyear neither admitted nor denied the charges, which were filed by the SEC under the Foreign Corrupt Practices Act.