ITT Corporation
ITT Corporation
United States
Securities and Exchange Commission
Legal Person
Consent to Permanent Injunction
Disgorgement of Profits, Prejudgment Interest, Civil Penalty
Art.16, Art.26
Art. 1, Art. 2, Art. 8
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.)