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Medical waste company pays $ 84 million in FCPA bribe



A medical waste company has agreed to pay more than $ 84 million to settle allegations it has violated the Foreign Corrupt Practices Act in bribery programs in Argentina, Brazil and Mexico, the US Securities and Exchange Commission said on Wednesday.

The company, Bannockburn, Illinois-based Stericycle Inc., said in a statement that it has changed its board and management team since the period covered by the investigation.

The SEC said in a statement that Stericycle, a leading provider of medical waste and other services in 16 countries worldwide, paid millions of dollars in bribes to obtain and maintain business from government customers in the three countries from at least 2012 to 201

6.

The SEC said that Stericycle’s staff kept and emailed spreadsheets identifying government customers who received bribes, and that the system included fake third-party vendors who used fake invoices to hide cash payments to government customers.

The agency also said that the company did not have sufficient internal accounting controls in place, such as a centralized compliance department, to prevent or detect irregularities, and to implement its FCPA policies or procedures before 2016.

President and CEO Cindy J. Miller said in a statement, “Resolving this older issue represents another important milestone in Stericycle’s business transformation journey.

“In recent years, we have focused on fully addressing the issues identified during the investigation. This includes introducing new policies, procedures and internal controls and building a culture of compliance, integrity and accountability that is in line with our core values ​​throughout our global operations. “


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