Legal
Clear Channel Outdoor Bribed Chinese Officials, SEC Claims in Settlement
- Company pays $26 million to settle regulator’s probe
- SEC says ex-unit used fake intermediaries and false invoices
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Clear Channel Outdoor Holdings Inc. will pay $26 million to settle Securities and Exchange Commission allegations that the advertising company bribed Chinese government officials to help get display ads on bus shelters and other outdoor spots.
Clear Media, a former Chinese subsidiary of the firm, bribed officials with gift cards, golf clubs and vases, among other gifts, from at least 2012 through 2017, the SEC alleged in its Thursday settlement order. The firm also developed an “off-book cash fund” for payments to undisclosed consultants, the agency said.