PTC, one of the manufacturers of software in US has entered a settlement agreement with the Department of Justice and SEC of USA that PTC shall surrender USD28,000,000 as the settlement fee to end the investigation regarding issue that PTC has provided the travel and entertainment to some Chinese officials.
According to the agreement, PTC shall pay the fine with amount USD14,500,000 to the Department of Justice of US so that it can get the immunity from prosecution. Meanwhile, PTC shall return the illegal profits with amount USD11,900,000 together with the interests of USD1,800,000 to SEC. Both the Department of Justice of US and SEC have expressed that, according to FCPA, both authorities have entered the settlement agreements with PTC.
Further, SEC has declared that SEC has entered an agreement to postpone the prosecution with Kaiyuan Yu, the former employee of PTC’s subsidiary in China. According to the agreement, SEC will postpone the prosecution regarding his suspected violations to FCPA for 3 years. The reason is Kaiyuan Yu has provided great cooperation during the case investigation.
This is the first time that SEC has entered a postpone prosecution agreement with an individual in an overseas anti-bribery case.
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