ADM Willing to Pay Double to Settle Bribery Probe

Aug 06, 2013

By Amanda Brodhagen, Farms.com

Archer Daniels Midland Co. (ADM) said Tuesday, that its willing to pay double as much as previously expected to settle a bribery probe with the U.S. government.

The agricultural commodity trading house said it would now pay $54-million from $25-million to resolve violating foreign bribery laws relating to grain and feed exports.

ADM has been trying to clear its name with the U.S. Justice Department since 2008, when it violated the Foreign Corrupt Practices Act. The company reported on its second quarterly profits Tuesday, which also said it raises the settlement offer "based upon recent progress in these discussions," the company statement read.

More on the investigation can be read at - Archer Daniels in hot water over FCPA investigation.

Video: Finding a Balance of Innovation and Regulation - Dr. Peter Facchini

Regulations help markets and industry exist on level playing fields, keeping consumers safe and innovation from going too far. However, incredibly strict regulations can stunt innovation and cause entire industries to wither away. Dr. Peter James Facchini brings his perspective on how existing regulations have slowed the advancement of medical developments within Canada. Given the international concern of opium poppy’s illicit potential, Health Canada must abide by this global policy. But with modern technology pushing the development of many pharmaceuticals to being grown via fermentation, is it time to reconsider the rules?

Dr. Peter James Facchini leads research into the metabolic biochemistry in opium poppy at the University of Calgary. For more than 30 years, his work has contributed to the increased availability of benzylisoquinoline alkaloid biosynthetic genes to assist in the creation of morphine for pharmaceutical use. Dr. Facchini completed his B.Sc. and Ph.D. in Biological Sciences at the University of Toronto before completing Postdoctoral Fellowships in Biochemistry at the University of Kentucky in 1992 & Université de Montréal in 1995.