The corruption cases databases are a product of the staff of the International Bank for Reconstruction and Development / The World Bank. It is intended for general information purposes only. The findings, interpretations, and conclusions expressed in the Database do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Neither the World Bank Group nor its officers or employees shall be liable for any losses that may result directly or indirectly from the use of or reliance upon such information.
Fiat S.p.A. / Iveco S.p.A., CNH Italia S.p.A. and CNH France S.A.
Securities and Exchange Commission
Iraq (UN Oil-for-Food)
Consent to Permanent Injunction
Disgorgement of Profits, Prejudgment Interest, Civil Penalty
Internal controls violations, Falsification of books and records
No admission or denial of allegations
According to the US Securities and Exchange Commission Litigation Release (December 22, 2008), the Commission "filed Foreign Corrupt Practices Act books and records and internal controls charges against Fiat S.p.A. and CNH Global N.V. in the U.S. District Court for the District of Columbia. Fiat S.p.A., an Italian company, provides automobiles, trucks and commercial vehicles. CNH Global N.V., a majority-owned subsidiary of Fiat, provides agricultural and construction equipment. The Commission's complaint alleges that from 2000 through 2003, certain Fiat and CNH Global subsidiaries made approximately $4.3 million in kickback payments in connection with their sales of humanitarian goods to Iraq under the United Nations Oil for Food Program (the "Program"). The kickbacks were characterized as "after sales service fees" ("ASSFs"), but no bona fide services were performed." (Source: US Securities and Exchange Commission Litigation Release No. 20835 (December 22, 2008), Securities and Exchange Commission v. Fiat S.p.A. and CNH Global N.V., Civil Action No. 08 CV 0221 (D.D.C.) (CKK), "SEC Files Settled Books and Records and Internal Controls Charges Against Fiat S.p.A. and CNH Global N.V. For Improper Payments to Iraq Under the U.N. Oil for Food Program ? Fiat Agrees to Pay Over $10 Million in Disgorgement, Interest, and Penalties.")
US Securities and Exchange Commission Litigation Release No. 20835 (December 22, 2008), Securities and Exchange Commission v. Fiat S.p.A. and CNH Global N.V., Civil Action No. 08 CV 0221 (D.D.C.) (CKK), "SEC Files Settled Books and Records and Internal Controls Charges Against Fiat S.p.A. and CNH Global N.V. For Improper Payments to Iraq Under the U.N. Oil for Food Program -- Fiat Agrees to Pay Over $10 Million in Disgorgement, Interest, and Penalties," accessed at http://www.sec.gov/litigation/litreleases/2008/lr20835.htm; Complaint filed December 22, 2008, accessed at http://www.sec.gov/litigation/complaints/2008/comp20835.pdf
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