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Clear Channel hints to potential FCPA violations

Jaclyn Jaeger | May 2, 2018

Media company Clear Channel Outdoor disclosed that it has advised U.S. authorities about accounting discrepancies caused by the misappropriation of funds at its Chinese subsidiary.

According to Clear Channel, “several employees” of Clear Media Ltd., an indirect, non-wholly-owned subsidiary of the company, are subject to an ongoing police investigation in China for misappropriation of funds. “Such misappropriation resulted in discrepancies between actual cash balances and cash amounts included in the company’s accounting records,” the company stated.

Clear Media Limited has conducted additional procedures and processes, including a special investigation by forensic accountants and an external law firm. This investigation found that “three bank accounts were opened in the name of Clear Media Limited entities, which were not authorized, and certain transactions...

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