06 September 2007
UK engineering company IMI has suspended some employees as part of an investigation into whether its agents paid bribes to secure contracts.
It announced in a statement last month that it is probing actions in its US-based severe service division, which produces safety valves for power stations and has employees around the world.
It said payments between 2000 and 2007 may be in breach of the law and the firm's policies and practices.
Early indications are that the payments involve a number of commission agents, or sales agents, which represent about 20 per cent, or around £70 million, of sales.
The statement said: "The company is committed to the highest ethical standards and has retained external counsel and forensic accountants to conduct a thorough independent investigation, which will result in appropriate action being taken, including a number of employee suspensions."