hi INDiA Copyright 2020
SEC investigates Anheuser-Busch Indian affiliates
The U.S. Securities and Exchange Commission is investigating the relationships of Anheuser-Busch InBev’s affiliates in India, according to a regulatory document filed by the company.
The SEC is investigating its non-consolidated Indian joint venture, InBev Indian Int’l Private Ltd, and whether certain relationships of agents and employees were compliant with the Foreign Corrupt Practices Act. The act was passed in 1977 to make it illegal for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business, according to the U.S. Department of Justice.
Company officials are “investigating the conduct in question and cooperating with the SEC,” according to the filing.
A-B InBev’s market share in India is about 2 percent, the company’s director of global external communications, Laura Vallis, told the Business Journal.
“We have an extensive compliance program which includes robust policies, training and an employee hotline,” Vallis said. “We work closely with our partners around the world to see that they also have appropriate compliance in place. We do not tolerate any violations and are fully cooperating with this investigation.”
In India, the company’s operations are run by a fully owned Indian subsidiary, Crown Beers India and a joint venture with RKJ Group; A-B InBev holds a minority stake in RKJ.
St. Louis-based Anheuser-Busch is part of Belgium-based Anheuser-Busch InBev (NYSE: BUD), which reported revenue of $39.8 billion in 2012.