Fiat agrees $10.6m Iraq settlement
Author: MotorTorque Team
Published: 02 January 2009
Fiat has agreed to pay £10.6m in order to settle accusations that it was involved in 'kickbacks' with Saddam Hussein's regime, and has admitted to 'regrettable incidents' in the affair, according to the Financial Times.
The US Securities and Exchange Commission who investigated the allegation, released information that revealed that Fiat and CNH Global, Fiat's subsidiary, paid over $4.3 million to Iraqi officials to the regime between 2000 and 2003 for the sale of 'humanitarian goods', which included vehicles, equipment and parts.
It is claimed that 'kickbacks' were disguised as 'after-sales service fees'.
Commenting on the settlement, a Fiat representative said, "The settlements close a regrettable incident which happened in the long-ago history of the Fiat Group,” a Fiat told Reuters news agency.
"The Fiat Group has since put in place rigorous internal controls and compliance programmes to which the group and its subsidiaries strictly adhere."
Both Fiat and CNH Global did not admit or deny any wrongdoing as part of the settlement, which saw Fiat paying two penalties which totalled $10.6m, including $5.3m in profits and $1.9m in prejudgment interest.
See Also:
Click here for more Fiat stories
Click here for more Business and Industry stories
News and analysis of what's happening in the car industry - at home and worldwide.
Watch video news for the automotive industry in the UK, US, Europe and Far East, with daily updates on new models, motor shows and global automotive markets.
A list of the new road tax bands as described in the 2008 budget. Cars are placed in VED (Vehicle Excise Duty) bands acording to the amount of carbon dioxide emitted by the vehicle.
The credit crunch is starting to impact on car-buying, with dealers and manufacturers feeling the pinch. But now could be the best time to buy a new or used car, or get good leasing and finance deals. How to make the credit crunch work for you.
New-car and van registrations in August drop 20 per cent over the month, used car values are worst since early-90s recession. The recession hits the UK car market.
advertisement
Nissan will sell a new special edition of its new 370Z coupe in the shape of the 370X Yellow. It's yellow. | 03/07/2009
Ford says it has taken over 12,000 order in the UK under the government's scrappage scheme, and is currently receiving 300 new orders a day under the trade-in scheme. | 03/07/2009
“Right cars, right time, at the right price” is how Fiat sees the UK market conditions and the introduction of the 500C convertible. | 03/07/2009
Chic must-have styling, easy on the eye and easy-to-use electrically operated convertible roof. It’s an open and shut case – the Fiat 500C has a sunny future. | 03/07/2009
The Alfa Romeo 8C Spider will be blasting up the hillclimb at the Goodwood Festival of Speed this weekend, as Alfa prepares for its centenary year. | 02/07/2009
|30/06/2009
The UK Government scrappage incentive should not be extended despite the additional registrations it has brought, says Fiat.
|30/06/2009
All in all the new Toyota Verso is a sound and safe buy. Well equipped from the bottom model up, the Verso may not be exciting but it is fit-for-purpose and after all it is a Toyota.
|30/06/2009
Mazda has refreshed the MX-5 roadster and roadster coupe for 2009 - the 20th anniversary of the car hitting the market.
|01/07/2009
Motorists driving without wearing their seatbelt will be fined £60, while motorists driving without legal plates will also be hit with a stiff fine.
|02/07/2009
The Alfa Romeo 8C Spider will be blasting up the hillclimb at the Goodwood Festival of Speed this weekend, as Alfa prepares for its centenary year.
|20/11/2007
Around 400 people a day risk damaging their car by misfuelling, and filling up with gas is a mistake that could cost thousands. So what do you do if you´ve filled up your diesel car with unleaded petrol?
|01/10/2008
Euro Car Parts has acquired Pinco 1555 Ltd, including all 53 of LSUK's 53 branches, together with subsidiaries M I Diesel Products, Protech Automotive (UK) and Yeovil Rewind.
|19/09/2008
20 of the best 90's TV car adverts showcase an industry wising up to the buying power of women, and putting the battle of the sexes at the forefront of car commercials.
|13/11/2007
German sports car manufacturer marches on as it post a monster €5.85bn profit.
|06/12/2007
Fuel protests similar to those that brought the UK to a halt in 2000 are being planned by a breakaway group of disaffected hauliers, according to press reports.
Search Motortorque:
No readers comments
Be the first to write a comment on this article