Argentina tells SEC it wants proof in bribery case
Argentina wants the U.S. Securities and Exchange Commission to name names and provide proof that Ralph Lauren Corp. bribed customs officials for years to allow its products into the South American country. Tax chief Ricardo Echegary came out swinging Tuesday when the government announced that the designer label had cooperated with authorities and paid a fine of nearly $1.6 million after admitting that its now-closed Argentine subsidiary violated the U.S. Foreign Corrupt Practices Act. Echegaray blamed private customs brokers and former Ralph Lauren executives for any violations, and suspended their tax ID numbers, which are necessary to do business in Argentina.
But he also demanded that the SEC identify which Argentine officials allegedly took the bribes, which the SEC said totaled nearly $600,000 over four years until they were discovered in 2010. And his agency put out a statement that called it a lie designed to cover up how Ralph Lauren emptied the subsidiary before abandoning Argentina.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Natural gas industry buys share of Super Bowl spotlight
- Trib 30 stocks drop to four-month low
- Kennametal plans plant closings, job cuts in fallout from oil and gas decline
- PPG submits offer for French sealants, adhesives business unit
- Super Bowl ads win by playing to viewers’ emotions, experts say
- Subaru BRZ still needs upgrades
- Consol Energy posts $74M profit in fourth quarter
- BNY Mellon expands role for treasury exec
- BNY Mellon is putting iconic Citizens Bank Tower up for sale
- Wall Street closes January on down note; Dow sheds 251 points
- Consumer comes to the rescue as companies step back