The Associated Press reported this afternoon that a former Schnitzer Steel Industries exec has paid $40,000 to settle bribery allegations.
The Securities and Exchange Commission had charged Si Chan Wooh of Tacoma, the former executive vice president, with violating anti-bribery provisions. The SEC alleged that from 1999 to 2004, Wooh paid more than $200,000 in cash bribes and other gifts to managers of government-owned steel mills in China to induce them to purchase scrap metal from Schnitzer, the AP reported. According to the commission, Schnitzer made $6.2 million in profit from the sales.
Wooh agreed to pay $40,000, including interest and penalties, without admitting or denying the allegations.
Schnitzer paid millions more to settle related charges.