WASHINGTON (CN) - BHP Billiton will pay $25 million to settle SEC charges of violating the Foreign Corrupt Practices Act during the 2008 Summer Olympics in Beijing.
BHP Billiton, the world's largest mining conglomerate, paid for 60 government officials and state-owned business executives and their spouses and guest to go to the Olympics, in luxury multi-day vacations at luxury hotels, the SEC said in announcing the settled complaint.
The government officials "were in a position to help the company with its business or regulatory endeavors," SEC Enforcement Director Andrew Ceresney said in a statement. He said the company knew that violated corruption laws, but did it anyway.
Billiton will pay the fine without admitting or denying anything.
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