ABM Industries' Latest FCPA Disclosure
Sunday, September 9, 2012 at 9:28PM
The FCPA Blog in ABM Industries, Disclosure, Foreign Companies, Joint Venture, Linc Group

Building services company ABM Industries Incorporated said it has spent '$3.3 million of legal fees and other costs associated with an internal investigation into a foreign entity previously affiliated with a joint venture.'

New York-based ABM started 100 years ago as a window cleaning business, according to its website, and now has '100,000 employees serving a broad range of industries in over 15 countries.'

ABM disclosed the internal investigation last year. The company said the investigation relates to a third party formerly associated with Linc, which ABM bought two years ago.

Here's the full FCPA disclosure in ABM's Form 10-Q filed with the SEC on September 6:

During October 2011, the Company began an internal investigation into matters relating to compliance with the U.S. Foreign Corrupt Practices Act and the Company's internal policies in connection with services provided by a foreign entity affiliated with a former Linc joint venture partner. Such services commenced prior to the Linc Acquisition. As a result of the investigation, the Company has caused Linc to terminate its association with the arrangement. In December 2011, the Company contacted the U.S. Department of Justice and the Securities and Exchange Commission to voluntarily disclose the results of its internal investigation to date. The Company cannot reasonably estimate the potential liability, if any, related to these matters. However, based on the facts currently known, the Company does not believe that these matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. There have been no significant changes to the status of this internal investigation during the quarter ended July 31, 2012.

ABM Industries Incorporated trades on the NYSE under the symbol ABM.

__________________

Research courtesy of ethiXbase.

Article originally appeared on The FCPA Blog (http://www.fcpablog.com/).
See website for complete article licensing information.