Ball and Tyson

In: Business and Management

Submitted By cd62957
Words 370
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Ball Corporation and Tyson Foods
Ball Corporation
In 2006 the Ball Corporation purchased Formametal then 3 months later was accused of bribing officials of the Argentine government from July 2006 to October 2007. These bribes were recorded as regular business expenses on the Ball Corporation books for over a year. Because of these bribes Ball Corporation was considered not to have enough internal controls in place to prevent such bribes. As punishment Ball was to pay $300,000 to the United States Treasury. If the Commission finds that the company gave false information the Commission reserved the right to reopen the case to ferther sanctions and punishment.
Tyson Foods
From 2004 to 2006 Tyson de Mexico were accused of making payments to veterinarians wifes by putting them on their payroll even though they did not actually work for them. Later the wives were taken off the payroll and the veterinarians submitted invoices for payment for services that were not done totaling $100,311. Tyson was charged with violating Foreign Corrupt Pratices Act . The Security Exchange Comission charged Tyson with inaccurate bookkeeping and records, imperfect internal controls. Tyson punishment was disgorgement and pre-judgment of $1.2 million in interest. Tyson also agreed to pay a criminal penalty of $4 million in a related criminal proceeding.
Both of these companies failed terribly in being compliant with the Security and Exchange Commission and the Foreign Corrupt Practices Act. The Ball Corporation would have saved themselves some aggrevation if they had went over the books for Formametal before they purchased them. When the accountant had found the mistakes in the books Ball should have punished the management personnel involved with the bribes instead of waitng for the bribes to continue.
Tyson Foods also should have had internal controls put in place to have kept the…...

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