Avion Fashion Products Wallpapers Review
>> Wednesday, October 20, 2010
Avon Products Inc. on Friday said its expenses for an internal FCPA investigation that started two years ago have increased enough to impact results. Main Justice reported the costs to be $18 million for the last quarter.
In a release, the company said it incurred "significant professional fees associated with the company's internal investigation resulting from an allegation of Foreign Corrupt Practices Act ("FCPA") violations in China."
Last month Avon suspended four employees pending its internal bribery investigation. It put three executives in China and another in New York on administrative leave.
CEO Andrea Jung on Friday said during a conference call that the initial corruption allegations were contained in a letter written to her by an undisclosed whistleblower. The allegations concerned only China and related to travel, entertainment and other expenses. She said the company immediately "began an internal investigation under the oversight of our audit committee and conducted by outside counsel
