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The U.S. Justice Department (DOJ) said that it’s suspending its investigation into Bosch after it disclosed its own misconduct and that it won’t prosecute the company for this offense. “This declination reflects the clear benefits for companies that promptly disclose potential violations and fully assist in our investigations,” Assistant Attorney General for National Security John A. Eisenberg said in a statement. “Bosch’s cooperation and timely remediation met the high standards set by the Corporate Enforcement Policy, supporting a fair and efficient resolution.”
Bosch will also surrender nearly $11.5 million in profits that it made with the Huawei sales. The BIS said that the DOJ has partially suspended this disgorgement, meaning the German firm will only pay $3.6 million, and that it will also count this towards its own $36 million fine on the company.
“Bosch had several opportunities to avoid these violations had they exercised the increased vigilance BIS has repeatedly said it expects of companies whose transactions are governed by the EAR (Export Administration Regulations),” Assistant Commerce Secretary for Export Enforcement David Peters said. “Today’s action should serve as a warning to embrace compliance and as an example of the benefits of voluntary self-disclosure.”
For its part, Bosch said in a statement to Reuters that it will improve its trade compliance program to prevent future violations.
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Key considerations
- Investor positioning can change fast
- Volatility remains possible near catalysts
- Macro rates and liquidity can dominate flows
Reference reading
- https://www.tomshardware.com/tech-industry/SPONSORED_LINK_URL
- https://www.tomshardware.com/tech-industry/bosch-to-pay-usd36-million-penalty-for-usd72-million-in-illicit-sales-to-huawei-german-company-sold-export-controlled-goods-and-software-to-banned-chinese-firm-between-2020-and-2024#main
- https://www.tomshardware.com/membership
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Informational only. No financial advice. Do your own research.