SEC investigating Kraft for corruption in India

The US Securities and Exchange Commission is investigating Kraft Foods Inc for possible corruption at an Indian facility of its Cadbury unit, the company said in a regulatory filing.

March 07, 2011 / 10:41 IST

The US Securities and Exchange Commission is investigating Kraft Foods Inc for possible corruption at an Indian facility of its Cadbury unit, the company said in a regulatory filing.

Kraft, the maker of Maxwell House coffee, Oscar Meyer lunchmeats and Velveeta cheese, received a subpoena from the SEC on February 1, the filing said.

The subpoena, issued in connection with the Foreign Corrupt Practices Act, requests information about company dealings with Indian government agencies and officials related to obtaining approvals for operations of the facility.

Kraft, which bought Cadbury in February 2010, said in the filing that it is cooperating with the US government in the investigation. The company said it does not expect that costs of any resolution will effect its financial results.

first published: Mar 6, 2011 11:28 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

Al Edge Newsletter On Saturdays

Find the best of Al News in one place, specially curated for you every weekend.
MC Tech 3 Newsletter Daily-Weekdays

Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347