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.
Securities and Exchange Commission
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 Department of Justice Report to Congress, "Appendix C: Summaries of Foreign Corrupt Practices Act Enforcement Actions by the United States, January 1, 1998 - September 30, 2010," ITT Corporation, at 48: Misconduct in China, 2001-2005; misconduct involved alleged payments to Chinese government officials by ITT's wholly-owned Chinese subsidiary, Nanjing Goulds Pumps Ltd. (NGP). Securities and Exchange Commission complaint had alleged that approximately $200,000 in illicit payments to 32 different Chinese state-owned entities which generated over $4 million in sales to NGP, from which ITT realized improper profits of more than $1 million. The complaint mentioned two involved projects: the Xiaolangdi Hydroelectric Power Plant on the Yellow River and the Three Gorges Dam infrastructure project. Payments disguised as increased commissions in NGP's books and records. (See also, US Securities and Exchange Commission Litigation Release No. 20896 / February 11, 2009, SEC v. ITT Corporation, Civil Action No. 1:09-cv-00272 (RJL) (D.D.C. filed February 11, 2009.)
US Department of Justice Report to Congress, "Appendix C: Summaries of Foreign Corrupt Practices Act Enforcement Actions by the United States, January 1, 1998 - September 30, 2010," ITT Corporation, at 48; US Securities and Exchange Commission Litigation Release No. 20896 / February 11, 2009, SEC v. ITT Corporation, Civil Action No. 1:09-cv-00272 (RJL) (D.D.C. filed Feb. 11, 2009), accessed at http://www.sec.gov/litigation/litreleases/2009/lr20896.htm; Texts of the Complaint, Consent agreement, and final judgment available at http://fcpa.shearman.com.
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