United States: Consumer Lender Sets Aside $21.7 Million For Bribery Settlement

World Acceptance Corp. will likely spend $21.7 million to resolve a bribery probe by the U.S. Securities and Exchange Commission, the company said on Thursday.

A consumer lender based in Greenville, S.C., World Acceptance said in announcing its fourth-quarter results that the sum represented the estimated cost of resolving an SEC investigation into the company’s compliance with the Foreign Corrupt Practices Act.

The probe, which the company has previously disclosed, was prompted by an anonymous letter it received about certain compliance matters. A spokeswoman said on Thursday that the company had cooperated fully with the government’s investigation.

The full original article can be found at wsj.com

(Photo: Jonathan Ernst/Reuters)

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