Settlements

ST-155
Fiat S.p.A. / Iveco S.p.A., CNH Italia S.p.A. and CNH France S.A.
Fiat S.p.A.
United States
Securities and Exchange Commission
Iraq (UN Oil-for-Food)
2008
12/22
Unknown
Legal Person
Civil
Consent to Permanent Injunction
Disgorgement of Profits, Prejudgment Interest, Civil Penalty
$10,809,142.00
$5,309,632
$1,899,510
$3,600,000
$0
Art.16, Art.23, Art.26
Art. 1, Art. 2, Art. 7, Art. 8
Internal controls violations, Falsification of books and records
No admission or denial of allegations
Yes
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.")