SEC Settles Charges Against Former Portland Steel Executive for Anti-Bribery Statute Violations
29 June 2007
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.
- View the full summary from the U.S. Securities and Exchange Commission.
-
View the Information (United States of America v. Si Chan Wooh).
Related Insights
11 February 2025
Foley Ignite
Where is corporate venture capital headed in 2025, and will it lead to more M&A?
Corporate Venture Capital (CVC) investment is an increasingly used strategic tool that enables large corporations to make minority investments in startups that will complement and expand their existing products or services.
11 February 2025
Labor & Employment Law Perspectives
Illinois Takes Aim at Artificial Intelligence in Employment
In a significant move to regulate artificial intelligence (AI) in the workplace, the Illinois Legislature amended the Illinois Human Rights Act to address the growing use of AI at various points throughout the employment process.
18 February 2025
Events
Hellenic Innovation Network of New York: Innovation & Impact
Join Foley & Lardner LLP and the Hellenic Innovation Network in our New York office on February 18th for an evening of Innovation & Impact.