Johnson Controls Settles Investigation Of Its Marine Business In China

(RTTNews) - Johnson Controls (JCI) announced that it has entered into a settlement with the U.S. Securities and Exchange Commission or SEC with respect to Foreign Corrupt Practices Act (FCPA) issues that it had self-reported related to the company's marine business in China.

After discovering evidence of potential improper behavior on the part of employees in its marine business in China, the company voluntarily reported the circumstances to the U.S. government, conducted a thorough investigation and fully cooperated with the U.S. authorities.

The Department of Justice also made public a letter of declination citing among other things the company's voluntary disclosure, thorough investigation, full cooperation, remediation and additional enhancements to the company's internal accounting controls and compliance program. Johnson Controls is neither admitting nor denying the SEC's findings, which include a total payment of $14.4 million and a one year reporting period.