United States: US SEC fines World Acceptance Corp US$21.7 million for Mexican bribes

The U.S. Securities and Exchange Commission announced Thursday that it had fined World Acceptance Corp , a consumer loan company, US$21.7 million for paying bribes in Mexico.

The SEC said in a statement that the company’s Mexican subsidiary paid over US$4 million in bribes to Mexican government and union officials in exchange for business lending to government employees.

The South Carolina-based company agreed to the penalty without admitting or denying guilt. The company agreed to overhaul its internal operations, as well as pay US$17.8 million in disgorgement, nearly US$2 million in interest, and a US$2 million penalty.

The original full article can be found at channelnewsasia.com

(Picture: REUTERS/Jonathan Ernst)

 

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