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Delisting Watch: Daimler the Latest to “Go Dark” in U.S.

May 20, 2010 By Leave a Comment
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Daimler’s delisting is the latest sign of German companies abandoning U.S. capital markets, opting instead to list solely in Frankfurt, re-fortified. The planned delisting and deregistration of Daimler AG is the latest in this months-long trend, propelled by the growth of Frankfurt and its Xetra electronic exchange, despite a weakening euro. It is also residual of Daimler’s bitter end in the Chrysler saga.

The carmaker announced its intention to “go dark” in a letter to the New York Stock Exchange, detailing its plans to delist its shares and to deregister with the SEC. As cited in a statement by Daimler, the primary reason for the planned listing is “a significant change in the behavior of international investors, who now primarily trade in Daimler shares in Germany and through electronic trading platforms.” Of note, however, Daimler, in its recent annual report, reported consistently low trading volumes in the United States, which amounted to well below 5% of the worldwide trading volume.

via Delisting Watch: Daimler the Latest to “Go Dark” in U.S..

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Foreign Corrupt Practices Act Cases Rise, Fines Mounting – TIME

April 7, 2010 By

Why must Daimler AG, the German automaker, pay big fines to the U.S. government because two of its subsidiaries, one in Germany and the other in Russia, made improper payments to government officials of countries other than the U.S., such as China, Egypt and Serbia?

Welcome to the age of the Foreign Corrupt Practices Act (FCPA), a far-reaching bit of American legislation that cracks down on corporate bribery in all its forms and is rattling the cages of corporate chiefs the world over. The Department of Justice (DOJ) has jurisdiction over all related criminal violations under the act, and the Securities and Exchange Commission (SEC) keeps tabs on the civil violations committed by U.S. companies. What’s more, the law doesn’t just mean the U.S. government is looking for past incidents of corruption; it’s also stirring the pot to see who may be corruptible in the future.

via Foreign Corrupt Practices Act Cases Rise, Fines Mounting – TIME.

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Daimler agrees to settle Justice Department charges of bribing foreign officials – washingtonpost.com

March 24, 2010 By

Daimler has agreed to pay $185 million in fines and penalties to the U.S. government to settle charges that it violated federal bribery laws by paying tens of millions of dollars to officials in at least 22 countries to win lucrative contracts, according to a source familiar with the deal.

The proposed settlement would end a U.S. Justice Department investigation that concluded the German automaker had violated the Foreign Corrupt Practices Act (FCPA), which prohibits companies from bribing government officials to land business or receive favorable treatment.

In a 76-page filing in federal court on Tuesday, prosecutors said that Daimler made improper payments starting in 1998 to officials in countries that included China, Russia, Egypt, Greece and Nigeria. The charges against Daimler were made in a “criminal information filing” — a document that typically precedes a plea agreement.

via Daimler agrees to settle Justice Department charges of bribing foreign officials – washingtonpost.com.

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Daimler to pay $200 mln, end bribery probe-report | Reuters

February 12, 2010 By Leave a Comment

Daimler AG (DAIGn.DE) agreed to pay about $200 million and two units will enter guilty pleas to resolve a U.S. investigation into whether the German automaker paid bribes to secure overseas business, Bloomberg News said on Friday, citing people familiar with the accord.

Daimler, U.S. Department of Justice the U.S. Securities and Exchange Commission representatives had no immediate comment or were not immediately available for comment.

According to the report, the settlement would resolve both a Justice Department probe into whether Daimler violated the Foreign Corrupt Practices Act by bribing government officials, and also a related SEC civil probe.

The charges against the units were not immediately clear.

Government lawyers submitted the settlement for approval by U.S. District Judge Richard Leon, the report said, citing the people.

via Daimler to pay $200 mln, end bribery probe-report | Reuters.

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