Smith & Wesson Accused of Bribery in Indonesia, Pakistan
19 October 2018 19:40 WIB
TEMPO.CO, Springfield - CEO of Smith & Wesson (SW) James Debney has accepted the verdict by the US Security and Exchange Commission (SEC) which fined the company US$ 2 million. Smith & Wesson, a firearms design and manufacturing company, was deemed corrupted in some countries they do business in, Pakistan and Indonesia being among them.
"We are glad to have settled this issue with the SEC. We have agreed to this 'resolve and believe' that this is what Smith & Wesson and its shareholders want," said Debney, Monday.
SEC concurred that Smith & Wesson was facilitating a US$11,000-bribe along with free firearms for the Pakistan's police in 2008 in order to become the main weapon supplier. A year later, said SEC, Smith & Wesson’s employee made a deal with the Indonesian national police in order to obtain a weapon contract from them. But that contract was annulled.
Debney said he was satisfied with the verdict towards his company for the 4-year-old case. He later explained that this is the follow-up of the investigation by the U.S Justice Department in 2010 which they annulled back at the time.
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