Advertise with fastmoving.co.za
 
 

Avon settles over bribe probe - USA
Avon settles over bribe probe - USA

Avon settles over bribe probe - USA

RETAILER NEWS

Fin24 - Dec 19th 2014, 09:12

New York - US authorities have fined the international cosmetics seller Avon Products $135m to settle a corruption probe in China. 

The global beauty supplier, known for its door-to-door and catalogue sales, bribed local officials with foreign travel and expensive trinkets such as Gucci bags and Louis Vuitton merchandise, the Securities and Exchange Commission said in a statement.

The SEC said Avon had violated the Foreign Corrupt Practices Act by failing to stop bribes to Chinese officials.

"The SEC alleges that Avon's subsidiary in China made $8m worth of payments in cash, gifts, travel and entertainment to gain access to Chinese officials implementing and overseeing direct selling regulations in China," the SEC said.

Avon was trying to be among the first to test the regulations and eventually received the first direct selling business license in China in March 2006, the SEC said.

US media reported that Avon, founded in 1886, pleaded guilty at a federal court in New York to conspiring to violate the act.From Fin24.com 

Read more about: new york | louis vuitton | gucci | china | avon

Related News

Chinese spending hits record high on Singles' Day
13/11/2019 - 13:53
Chinese consumers spent a record amount on Alibaba platforms on Monday during the annual “Singles’ Day” buying spree, the world’s biggest 24-hour shopping event, which was launched with a glitzy show by US singer Taylor Swift.

How a US-China trade deal could benefit SA
11/11/2019 - 09:53
Africa is poised to become the “land of opportunity” for bond and equity investors should the US and China strike a trade deal, Bank of America (BofA) says.

Shoemaker Vans treads wearily as China fumes over Hong Kong
09/10/2019 - 13:20
US sports brand Vans has removed “a small number” of submissions in a sneaker design competition including one apparently giving a shout out to Hong Kong’s pro-democracy protests, as companies weigh the risks of angering China.

Alibaba set for new era as flamboyant Jack Ma departs
11/09/2019 - 09:33
Alibaba chair Jack Ma has stepped down from the Chinese group, leaving his handpicked successor a daunting task of steering the $460bn juggernaut at a time when the market for its core e-commerce business has slowed sharply.

Alibaba results beat estimates on cloud, e-commerce growth
19/08/2019 - 14:08
China’s Alibaba Group Holding Ltd reported better-than-expected quarterly revenue and profit, aided by growth in its e-commerce and cloud computing businesses.