INDIA: Anheuser-Busch InBev "cooperating" over SEC corruption probe
A-B InBev has a small presence in India
Anheuser-Busch InBev has said it is cooperating with the US Securities and Exchange Commission (SEC) after the body launched an investigation into the brewer's India JV over possible violations of the Foreign Corrupt Practices Act.
In a filing yesterday (25 March), A-B InBev said that the SEC is looking into InBev Indian Int’l Private Ltd and “certain relationships” of agents and employees. “We are investigating the conduct in question and cooperating with the SEC,” the company said.
Today, an A-B InBev spokesperson told just-drinks the brewer works closely with its global partners on compliance. “We do not tolerate any violations,” the spokesperson said.
just-drinks understands that the investigation is at an early stage and no claims have been made.
A-B InBev owns Indian subsidiary Crown Beers India and has a minority stake in a JV with RKJ Group for local production. It holds about 2% market share in India.
Beam Inc is also investigating allegations of possible violations of the US Foreign Corrupt Practices Act in India. In February, an analyst warned that the investigation, launched in October, has damaged Beam's sales in the country and could hamper growth for most of this year.
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