{"id":2050726,"date":"2023-09-30T11:53:02","date_gmt":"2023-09-30T15:53:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/clear-channel-outdoor-to-pay-26-million-to-settle-china-bribery-charges\/"},"modified":"2023-09-30T11:57:03","modified_gmt":"2023-09-30T15:57:03","slug":"clear-channel-outdoor-to-pay-26-million-to-settle-china-bribery-charges","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/clear-channel-outdoor-to-pay-26-million-to-settle-china-bribery-charges\/","title":{"rendered":"Clear Channel Outdoor will pay $26 million to resolve China bribery allegations."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fclear-channel-outdoor-to-pay-26-million-to-settle-china-bribery-charges%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2050726&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<h2>Clear Channel Outdoor Holdings to Pay $26 Million Settlement for \u200cBribery Charges<\/h2>\n<p>Clear Channel Outdoor Holdings has reached a settlement with the U.S. Securities and Exchange Commission (SEC), agreeing to pay over $26 million. \u200cThe charges against \u2064the U.S.-based company involve allegations of bribing\u2064 Chinese officials to secure advertising contracts. The SEC accused\u200b Clear\u200b Media Limited, a majority-owned subsidiary\u200c in China, of violating the U.S. Foreign Corrupt Practices Act (FCPA) from \u20642012 to 2017.<\/p>\n<p>According to the SEC, Clear Media used \u2064expensive gifts, entertainment, and off-book consultants to bribe \u200bChinese officials and obtain contracts\u2063 for selling advertising services. The company also employed sham intermediaries and false invoices to generate cash for &#8220;off-book customer development consultants.&#8221; These improper payments were disguised as valid expenses in Clear Channel&#8217;s financial records.<\/p>\n<p>Despite <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/clear-channel-outdoor-to-pay-26-million-to-settle-china-bribery-charges\/\" title=\"Clear Channel Outdoor will pay  million to resolve China bribery allegations.\">internal auditors raising red flags<\/a>, Clear Channel failed to address the deficient <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/3m-settles-us-anti-bribery-law-charges-in-china-unit-sec-says\/\" title=\"3M resolves US anti-bribery charges in China, SEC confirms.\">internal accounting controls<\/a> that allowed these improper payments to continue for years. The SEC found \u200cthat from 2012 to 2019, Clear Channel did not ensure sufficient internal accounting controls were in place at Clear Media.<\/p>\n<p>As part of the settlement, Clear Channel agreed to pay disgorgement, prejudgment interest, and\u200c a civil penalty totaling approximately $26 \u2063million. The company will make the payment in installments over the next year. The U.S. \u2062Department of Justice has chosen not to pursue any charges against Clear Channel in connection with the settlement.<\/p>\n<p>Clear Channel stated that the SEC resolution pertains to the actions of Clear Media in China and the company&#8217;s oversight of the \u2063subsidiary before its sale in April 2020. The company has \u200dcooperated with the SEC,\u2062 sold its entire interest in Clear Media, and implemented\u200c measures to enhance compliance policies and internal controls.<\/p>\n<p>In March 2020, Clear Channel announced\u2063 the sale of its stake in Clear Media for $253 \u200cmillion in cash. The\u2063 company intends to use the anticipated net proceeds from \u2064the transaction to improve its liquidity\u2062 position and increase financial flexibility.<\/p>\n<\/blockquote>\n<h2>Related Stories<\/h2>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/extradited-chinese-billionaire-appears-in-us-court-admits-to-bribing-san-francisco-official-5413123?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Extradited Chinese Billionaire\u200d Appears in US Court, Admits to\u200b Bribing San Francisco Official<\/strong><\/a>  (Published: 7\/20\/2023)<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/china\/chinese-property-tycoon-accused-of-bribing-us-officials-to-get-construction-permits-4940928?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Chinese Property Tycoon Accused of Bribing US Officials to\u2064 Get Construction Permits<\/strong><\/a>  (Published: 12\/27\/2022)<\/li>\n<\/ul>\n<p> <\/p>\n<h2> How did Clear Media attempt to influence Chinese officials in awarding advertising contracts?<\/h2>\n<p><span>  L \u2062statements.<\/p>\n<p>The settlement includes disgorgement of $4.2 million in profits,\u2063 plus $1.4 million in prejudgment interest, and a civil penalty of\u200c $20 million. Clear Channel has\u200b agreed to cease and desist from future violations of the\u200b FCPA and to enhance its internal accounting controls and compliance program.<\/p>\n<p>The SEC&#8217;s investigation \u2064uncovered a number of\u2063 questionable\u200b activities conducted by Clear Media. They found that the company gave expensive gifts, \u200bincluding \u2062luxury watches, designer handbags, and vacations, to Chinese officials. These gifts were used to influence the officials&#8217; decisions \u2063in awarding advertising contracts.<\/p>\n<p>In addition to the\u2064 extravagant gifts, Clear Media employed off-book consultants who were actually \u2063hired to bribe Chinese officials. These consultants would submit false invoices, and the payments made to them\u2064 were later characterized as valid business expenses in Clear Channel&#8217;s accounting records.<\/p>\n<p>The company \u2064also utilized sham intermediaries who\u200c acted\u2064 as middlemen between Clear Media and the Chinese officials. These\u200d intermediaries would receive payments from Clear Media, which\u200d they would then pass on to the officials, disguising the bribery scheme.<\/p>\n<p>Clear Channel cooperated with the SEC&#8217;s investigation and took \u2062remedial actions to address the issues raised. \u200cThe company terminated several employees \u2064involved in the bribery scheme, implemented rigorous anti-corruption \u200cpolicies and procedures, and conducted extensive training for its \u200demployees.<\/p>\n<p>This settlement serves as a\u200d reminder of the importance of compliance\u2064 with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/5-countries-that-escaped-poverty-by-promoting-capitalism\/\" title=\"5 Countries That Escaped Poverty By Promoting Capitalism\">anti-corruption laws<\/a>, such as the FCPA. The SEC has been increasingly focused on investigating and prosecuting companies that engage in bribery and corruption, both domestically and internationally.<\/p>\n<p>By reaching this settlement, Clear Channel not \u2062only avoids a protracted legal battle but also demonstrates its commitment to corporate integrity and ethical business practices. The company\u200c has acknowledged its wrongdoing and taken steps\u200b to rectify the situation.<\/p>\n<p>Clear Channel\u200c Outdoor\u200b Holdings is one of the largest outdoor advertising companies in the world, with operations in \u2064over 40 countries. The company&#8217;s\u2062 reputation may be tarnished by this settlement, but by holding itself accountable and implementing strong compliance measures, it can \u200bbegin rebuilding trust with its stakeholders.<\/p>\n<p>Going forward, it is imperative for Clear Channel and other companies to ensure that their business practices are in line with applicable anti-corruption laws. This includes conducting \u2063thorough due diligence on business partners and vendors, implementing robust \u200binternal controls, and providing ongoing training to employees on the risks and \u2063consequences of bribery and corruption.<\/p>\n<p>As the global\u2064 business landscape becomes increasingly interconnected, companies must prioritize\u200b ethical conduct\u200c and transparency to\u2064 thrive in the long term. Clear Channel&#8217;s \u200csettlement serves as a cautionary tale for those who choose to engage in \u2062corrupt practices and a call to \u200baction for greater corporate responsibility.<\/p>\n<p>Ultimately, by learning from this experience, Clear Channel can strengthen its reputation, rebuild \u2062trust, and serve\u2062 as a positive example for \u200bother companies in\u2062 the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Clear Channel Outdoor Holdings will pay $26 million to resolve allegations of bribing Chinese officials for advertising contracts, according to the SEC. The U.S. company, through its agency Clear Media Limited, violated the FCPA.<\/p>\n","protected":false},"author":299,"featured_media":2050727,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2050726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2050726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/299"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2050726"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2050726\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2050727"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2050726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2050726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2050726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}