SEC Charges RAE Systems with Violation of the Foreign Corrupt Practices Act (FCPA)
Abstract:The Securities and Exchange Commission (SEC) charged San Jose-based, RAE Systems Inc with violation of the Foreign Corrupt Practices Act (FCPA). It made payments amounting to USD 400,000 to Chinese officials to bag major government contracts worth approximately USD 3 million in revenue, for its gas and chemical detection products. The payments were made through two of its Chinese joint ventures, RAE-KLH (Beijing) Co., Limited (RAE-KLH) and RAE Coal Mine Safety Instruments (Fushun) Co., Ltd. (RAE-Fushun). RAE garnered USD 1.1 million plus in illicit profits.
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