Flowserve said this week in a securities filing that it has discovered potential violations of the Foreign Corrupt Practices Act.
The developer of valves and pumps said that it has uncovered actions involving an employee based in an overseas subsidiary that violated its Code of Business Conduct, and may have violated the FCPA.
“The company has terminated the employee, is in the process of completing an internal investigation, and has self-reported the potential violation to the U.S. Department of Justice and the U.S. Securities and Exchange Commission,” the company stated in the filing.
It added: “While the company does not currently believe that this matter will have a material adverse impact on its business, financial condition, results of operations or cash flows, there can be no assurance that the company will not be subjected to monetary penalties and additional costs.”
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