TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Argentina tells SEC it wants proof in bribery case

About The Tribune-Review
The Tribune-Review can be reached via e-mail or at 412-321-6460.
Contact Us | Video | Photo Reprints

RL $170.75 +$4.82

at close on TUESDAY


By The Associated Press

Published: Wednesday, April 24, 2013, 12:01 a.m.

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

Most-Read Business Headlines

  1. Wages have soared in Pittsburgh but economy appears to have stalled
  2. PPG shareholders vote against proposals; sales, profit see double-digit increases
  3. Consol Energy transitions as leadership changes hands
  4. Yellen stresses need for Fed to be flexible
  5. VW halts sales of 4 popular models
  6. Region’s largest bank PNC posts 7% rise in 1Q profit
  7. GlaxoSmithKline discloses  bribery inquiries
  8. Higher fuel costs help established airlines, hinder startups
  9. Factory output extends solid gains in March
  10. Fed Beige Book survey: Growth picks up across most of U.S. but not in Pittsburgh region
Subscribe today! Click here for our subscription offers.