Archer Daniels Midland Co, one of the world's top grain traders, said it is negotiating with the U.S. government to resolve possible violations of U.S. foreign bribery laws and could face penalties.
ADM said in a quarterly report filed on Monday that it "initiated discussions" with the Justice Department and Securities and Exchange Commission after recently completing an internal review of questionable transactions relating to grain and feed exports. The transactions may have violated the U.S. Foreign Corrupt Practices Act and other U.S. and foreign laws, according to the company.
The Justice Department and SEC declined to comment.
ADM said it began an internal review of the transactions in August 2008. It voluntarily disclosed the review to the U.S. government and "certain foreign regulators" in March 2009, and has provided periodic updates to the agencies, according to the filing.
ADM declined to provide additional details on the possible violations, but said in a statement
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