SEC Settles Charges Against Former Portland Steel Executive for Anti-Bribery Statute Violations

29 June 2007 Publication

In June 2007, the SEC filed a settled civil enforcement action against Si Chan Wooh, a former executive of Schnitzer Steel Industries, Inc., for violating the anti-bribery provisions of the FCPA. Per the complaint, between 1999-2004 Wooh made over $200,000 in improper payments to managers of state-owned Chinese steel mills to induce them to purchase company product. Based on this conduct, Wooh agreed to pay approximately $40,000 in combined fines and penalties. In October 2006, Schnitzer Steel settled related FCPA charges by agreeing to pay approximately $15 million in combined fines and penalties.