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Former Tacoma steel exec settles bribery allegations

Post by News Tribune Staff on June 29, 2007 at 2:34 pm |
June 29, 2007 2:34 pm

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.

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