Thursday, October 28, 2004

DaimlerChrysler says it's facing SEC investigation based on anti-bribery law, Sarbanes Oxley

"The investigation follows the filing of a whistleblower complaint with the U.S. Department of Labor under the Sarbanes-Oxley Act by a former DaimlerChrysler employee whose employment was terminated earlier this year," the company said in the earnings statement.

Chief financial officer Manfred Gentz mentioned the investigation in a conference call Thursday but provided no details. He said the allegations were "without merit" from the company's point of view.

Gentz and the earnings statement said the SEC investigation was based on the 1977 Foreign and Corrupt Practices Act, which bars U.S. companies from bribing foreign officials and requires compliance controls.

DaimlerChrysler says it's facing SEC investigation based on anti-bribery law, Sarbanes Oxley

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