Settlements

ST-312
Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc.
United States
Department of Justice
China, South Korea
2006
10/16
Unknown
Legal Person
Criminal
Deferred Prosecution Agreement
None
$0.00
$0
$0
Art.16, Art.26
Art. 1, Art. 2, Art. 8
None
None
Yes
According to the June 2011 United States Report to the OECD, "On October 10, 2006, SSI International Far East Ltd. (SSI Korea), a wholly-owned subsidiary of Schnitzer Steel Industries Inc. (SSI), was charged with conspiracy, bribery in violation of the FCPA, wire fraud, and aiding and abetting the making of false entries in SSI's books and records. These charges stemmed from a decade-long scheme to bribe foreign officials in China and South Korea in order to obtain and retain business for SSI Korea and its Oregon-based parent company. [ ] SSI entered into a three-year deferred prosecution agreement with the Department [of Justice] and agreed to appoint an independent compliance monitor." (Source: US Report to the Organisation for Economic Co-operation and Development, "Steps taken to implement and enforce the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions," Information as of May 31, 2011, Schnitzer Steel Industries Inc. Case Summary at 88-90.) According to SSI's Deferred Prosecution Agreement with the Department of Justice, SSI agreed that its subsidiary SSI Korea would pay $7.5 million in fines to the U.S. (Source: Schnitzer Steel Industries, Inc. Deferred Prosecution Agreement Octobet 16, 2006.)