Breaking News

Avon Settles Bribery Charges

May 1, 2014

Will pay out $135 million to Justice Department and SEC.

Avon has secured a deal to spend $135 million to resolve criminal and civil inquiries in the US into whether it paid bribes in China and other countries, according to reports. It will pay $68 million to settle with the Justice Department and $67 million to the Securities and Exchange Commission.
Reports added that Avon will enter a deferred-prosecution agreement, with a Chinese unit pleading guilty to a books and records violation of the Foreign Corrupt Practices Act.
The company also will have a compliance monitor for at least 18 months, according to the filing.
In other news, first quarter sales at the fell 11% to $2.18 billion, with a 22% slip in sales in North America and an 11% decrease in the regions of Europe, the Middle East and Africa.
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