Ingersoll-Rand reaches settlements |
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Published
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Wed, 31 Oct 2007 17:00
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NEW YORK (AP) - Ingersoll-Rand Co. on Wednesday said it agreed to pay $6.7 million as part of settlements related to payments made by foreign subsidiaries in connection with the U.N. oil-for-food program.Ingersoll-Rand said that in addition to the penalties, interest and disgorgement of profits, it also will put in place improvements to its compliance program under the settlements with the Securities and Exchange Commission and the Justice Department.The diversified industrial company said it agreed to the entry of a civil injunction in the SEC action and has entered into a three-year deferred prosecution agreement with the Department of Justice.Ingersoll-Rand noted that the employment of certain individuals who were involved with the matter was terminated but did not release specifics.The U.N. oil-for-food program, set up to finance Iraqi imports of necessities, became corrupted in 2000 when Iraqi officials began demanding illegal surcharges in return for contracts to buy Iraqi oil. The program ran from 1996 to 2003.Ingersoll-Rand shares rose 20 cents to $50.25 in midday trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Ingersoll-Rand to pay $6.7M in settlement over UN's 'Oil for Food' program 