US-owned steel mills in China Iron and Steel Company has been subject to heavy penalties bribery.

<P> 【Editor's note, according to SEC complaint, Shini Ze former senior vice president of Iron and Steel Company Shichang Wu Chinese state-owned steel company to pay over $ 205,000 bribery charges involving more than 30 transactions </ P> <P>: http: ./ / finance. News, Shini Ze Iron and Steel Company (Schnitzer Steel Industries), former senior vice president of Shichang Wu (Si Chan Wooh) for violation of the United States, "Foreign Corrupt Practices Act," to the customer side of bribery, has agreed to pay the U.S. Securities and Exchange Commission .approximately $ 40,000 fine. .</ P> <P> Shichang Wu bribery of customers, including some name unknown Chinese state-owned steel company manager. .</ P> <P> under the U.S. Securities and Exchange Commission (SEC) 6 月 29 messages released, SEC has Shini Ze company reached a settlement on the case. .Shichang Wu, 52, lives in Tacoma, Washington (Tacoma). .</ P> <P> SEC in the U.S. District Court in Oregon lawsuit, at least from 1999 to 2004, Shi Nize to steel mills in China and Korea more than 190 managers million dollars in bribes to induce .to enable them to purchase scrap metal from Shini Ze. .Shichang Wu is mainly responsible. .</ P> <P> Shichang Wu from February 1999 to October 2004 served as Executive Vice President Shi Nize, also serves as Shini Ze subsidiary of SSI International (SSI International Inc.) Person in charge, and from 2004 .SSI in October as International President. .SSI is responsible for Shini Ze international sales operations in Asia. .</ P> <P> SEC that Shichang Wu served as the duty to provide and pay a bribe, and Shi Nize company does not exactly keep the books and records of the above is responsible for payment. .</ P> <P> Shini Ze is headquartered in Oregon (Oregon), Portland (Portland), the main business, including steel manufacturing, metal recycling and auto parts sales, the company shares listed on the Nasdaq National Market .transaction. .United States, "Foreign Corrupt Practices Act" (Foreign Corrupt Practices Act) prohibits the United States listed companies to bribe foreign officials to obtain business, also require listed companies to complete business account books and records kept. .</ P> <P> under the SEC complaint, Shichang Wu Chinese state-owned steel companies to pay bribes total cost over 205,000 U.S. dollars, involving more than 30 transactions. .Shini Ze obtained from these transactions was approximately $ 96,000,000 gross profit and net profit of approximately $ 6,300,000, Shichang Wu received a bonus from which about 1.5 million. .In the "Foreign Corrupt Practices Act", the managers of state-owned enterprises seen as government officials. .</ P> <P> SEC also found that during this period Shichang Wu also briefed the Chinese and South Korean private steel company paid about $ 1,700,000 in bribes. .To the Chinese private steel company which paid about $ 420,000, access to the sales revenue of approximately $ 214,000,000; paid bribes to South Korean companies up to 130 million U.S. dollars, sales of 290 million U.S. dollars to obtain. .</ P> <P> though not contrary to the private sector to pay kickbacks, "the Foreign Corrupt Practices Act", but Shi Nize for these payments and does not keep complete records disclosed to the public, and therefore violated the "Foreign Corrupt Practices Act" .. .</ P> <P> Shini Ze bribes paid in two ways: first, to pay a "standard" commission, the general cargo per trip from 3000 to 6000 U.S. dollars, the money paid from the sales profits; the other is .Iron and Steel Company's manager, together, man to do the high prices, steel corporation received from Shini Ze prices were inflated part of the general cargo per trip in 3000 to 15,000 U.S. dollars between. .</ P> <P> SEC survey found that Shichang Wu Shi Nize will make him a rebate under the sink to a secret account in Korea, and then use the funds in this account to its customers to pay cash. .In addition, Shi Changwu also to provide gifts to attract them to purchase scrap metal from the Shini Ze. .</ P> <P> 2004 年 5 months, Shichang Wu Shi Nize the relevant departments to disclose such payments, Shini Ze further investigation. .However, Shi Changwu then ordered the destruction of its South Korean subsidiary payment records. .Shini Ze until 2006, the company terminated the contract with the Shichang Wu. .</ P> <P> end, Shichang Wu agreed to return $ 14,819.38 in prize money income, and $ 1,312.52 in interest, plus $ 25,000 in civil fines. .October 2006, the U.S. SEC reached a joint solution with Shini Ze, Shini Ze paid $ 7,700,000 as penalty. .Shini Ze also paid to the U.S. Department of Justice reached a criminal settlement $ 7,500,000. .</ P>.