Reuters: U.S.: Raytheon agrees to pay $8 million fine for export control violations

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Raytheon agrees to pay $8 million fine for export control violations Apr 30th 2013, 23:20 Tweet Share this Email Print Related News Raytheon boosts earnings forecast after strong quarter Thu, Apr 25 2013 Dubai firm agrees to $2.8 million fine over Syria sanctions-busting Thu, Apr 25 2013 Analysis & Opinion Counterparties: Apple's superlative borrowing The failure to prosecute corporate crime undermines U.S. justice Related Topics U.S. » Aerospace & Defense » One of Raytheon's Integrated Defense buildings is seen in San Diego, California January 20, 2011. Credit: Reuters/Mike Blake WASHINGTON | Tue Apr 30, 2013 7:20pm EDT WASHINGTON (Reuters) - Raytheon Co, one of the largest U.S. weapons makers, has agreed to pay $8 million in civil penalties to resolve hundreds of alleged violations of U.S. export control laws, the U.S. State Department said on Tuesday. The State Department said it reached the agreement with Massachusetts-based Raytheon after an extensive enforcement review showed the company's "numerous violations demonstrated a recurring, corporate-wide weakness" in maintaining effective controls of its compliance with U.S. export controls. The department said it agreed to suspend $4 million of the total amount on the condition that money would be used for government-approved remedial compliance measures. The company also agreed to hire an independent special compliance official to oversee the four-year consent decree, the department said. It said it would not debar Raytheon from further exports since the company voluntarily disclosed nearly all the violations covered by the settlement. (Reporting By Andrea Shalal-Esa; Editing by Gary Hill) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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