Episode 296 — Deep Dive into Clear Channel’s SEC FCPA Settlement
The Securities and Exchange Commission continues to rack up FCPA enforcement actions. In its latest settlement, Clear Channel Outdoor Holdings agreed to pay $26.1 million for bribery violations committed by its former Chinese subsidiary. According to Clear Channel, the Department of Justice closed its FCPA investigation.
Clear Channel, a San Antonio-based advertising company, paid bribes to Chinese government officials with cash, gift cards, first-class travel, hotels, meals, golf clubs, vases, expensive gifts, entertainment and other benefits, often tied to influence contract renewal negotiations. Executive A spent hundreds of thousands of dollars without any pre-approval or review on government officials for travel, lodging, meals and entertainment in order to secure outdoor advertising contracts and public bus shelter spaces.