Daimler to Pay $185 million in Bribery Case

Daimler has consented to pay roughly $185 million in fines, while two of its subsidiaries will plead guilty to the bribery of overseas government officials to settle a corruption probe, according to reports.

Author:: Andrea Tse
Publish date:: Mar 24, 2010 9:59 AM EDT

NEW YORK (

TheStreet

) --

Daimler

( DAI) has consented to pay roughly $185 million in fines, while two of it subsidiaries will plead guilty to the bribery of overseas government officials to settle a corruption probe, according to the

New York Times.

A person familiar with the case tells the New York Times that Daimler will avoid indictment with its cooperation.

Daimler has allegedly bribed overseas officials in at least 22 countries, including Russia and China between 1998 and 2008, according to reports.

The Times

reports that a court filing says the company made "made hundreds of improper payments worth tens of millions of dollars to foreign officials" in exchange for assistance "in securing contracts with government customers for the purchase of Daimler vehicles worth hundreds of millions of dollars."

Daimler stock is down 2.5% at $45.70 in pre-market trading, while peer

Toyota's

(TM) - Get Report

American Depository Receipts (ADRs) have edged down 0.8% to $81.70.

Ford

(F) - Get Report

has fallen 1.1% to $13.80, while

Honda

(HMC) - Get Report

ADRs are down 0.7% at $36.

-- Reported by Andrea Tse in New York

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