Ultracapacitor manufacturer Maxwell fined for bribes

Maxwell Technologies has agreed to pay more than $14 million to resolve DOJ and SEC charges related to bribing Chinese government officials to secure sales of its energy storage and power delivery solutions products.
http://www.edn.com/article/512573-Ultracapacitor_maker_fined_for_bribing_scheme.php

According to the DOJ, Maxwell's wholly owned Swiss subsidiary, Maxwell SA, engaged a Chinese agent to sell Maxwell's products in China. From at least July 2002 through May 2009, Maxwell SA paid more than $2.5 million to this agent to secure contracts with Chinese customers, the DOJ said. The agent used the money to bribe officials at the state-owned entities in connection with the sales contracts, the DOJ said, adding that Maxwell SA paid its Chinese agent $165,000 in 2002 and increased the payments to the agent to $1.1 million in 2008. According to the DOJ, Maxwell mischaracterized the bribes as sales-commission expenses in its books and records. According to court documents, Maxwell's US management discovered the bribery scheme in late 2002....

... more in the link

I do love it when it is reported as news that a company engaged in bribery in China.... There was two recent furores here is Australia when our Wheat Board was busted for engaging in bribery in Iraq (one of our biggest wheat markets), and then a Government corporation that is responsible for the commercialisation of our money printing technology (which we sell to a lot Asian countries - ie they use our polymer bank note technology), was busted for widspread corruption and bribery in winning government contracts in Asia and the middle east, and everyone was shocked. Don't get me wrong, I am as against corruption as much as the next man (unless I am getting some of the sweet action), but I am a realist and I figure they are just doing their job properly....