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QUALCOMM DISCLOSES FOREIGN BRIBERY INVESTIGATION BY U.S. Qualcomm Inc. (QCOM) said the U.S. Justice Department has started a preliminary probe into the chipmaker's compliance with the Foreign Corrupt Practices Act. The company said in regulatory filing today it learned on Jan. 27 that the U.S. attorney's office in San Diego had begun an investigation and that the Securities and Exchange Commission also has inquired about the topic. Qualcomm said in the filing that it believes it’s in compliance with the law and that it’s cooperating with both agencies. Qualcomm Chief Executive Officer Paul Jacobs said today on an earnings call that the company is in compliance. The 1977 law bars companies or individuals regulated or based in the U.S. from paying bribes to foreign officials to win business. Debra Hartman, a spokeswoman for the U.S. attorney in San Diego, declined to comment. Christie Thoene, a spokeswoman for San Diego-based Qualcomm, didn't immediately return a call for comment on the disclosure. Bloomberg 01/02/2012 |
