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Chilean chemicals and mining company to pay $30.5M in FCPA case

Jaclyn Jaeger | January 19, 2017

Chilean chemicals and mining company Sociedad Química y Minera de Chile (SQM) agreed to pay a combined $30.5 million in criminal and civil penalties in connection with payments to politically connected individuals in Chile in violation of the Foreign Corrupt Practices Act.

SQM will pay a criminal penalty of nearly $15.5 million to the Department of Justice. In a related matter, SQM reached a settlement on Jan. 13 with the Securities and Exchange Commission, in which it will pay a $15 million civil monetary penalty.

According to the company’s admissions, SQM knowingly failed to implement internal controls sufficient to ensure that payments from a fund under the control of one of its officers and high-level executives were made for services received and in compliance with...

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