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RALPH LAUREN CORP (RL)
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Ralph Lauren Corp : Ralph Lauren to pay $1.6 million to resolve Argentine bribery case

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04/22/2013 | 04:54pm CET

WASHINGTON (Reuters) - Clothing retailer Ralph Lauren Corp will pay more than $1.6 million to settle a criminal and civil investigation of allegations that one of its subsidiaries bribed government officials in Argentina.

U.S. authorities agreed not to prosecute the company after allegations surfaced that it bribed Argentinian customs officials in order to clear merchandise, some of it prohibited, the U.S. Justice Department said.

The company received the lenient treatment because of its "extensive" cooperation in the inquiry and new anti-bribery training for its employees, a world-wide risk assessment it conducted and other remedial measures.

The company will pay an $882,000 penalty to the DOJ and disgorge more than $730,000 in illicit profits and interest to the Securities and Exchange Commission, the two agencies said.

Ralph Lauren did not have an anti-corruption program or provide training to employees at its subsidiary in Argentina in the five-year period over which the bribes occurred, prosecutors said.

A lawyer for the company, Thomas Hanusik, said Ralph Lauren investigated the allegations, reported them to authorities and cooperated in the government probes.

The agreement with the SEC is the first non-prosecution agreement the agency has entered in the foreign bribery context.

In recent years both agencies have stepped up efforts to enforce the Foreign Corrupt Practices Act, a 1970s-era law that bars bribes to officials of foreign governments.

(Reporting by Sarah N. Lynch and Aruna Viswanatha; Editing by Gerald E. McCormick and Dan Grebler)

By Aruna Viswanatha

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ChangeLast1st jan.
RALPH LAUREN CORP -0.19% 105.39 Delayed Quote.3.14%
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Financials ($)
Sales 2018 6 137 M
EBIT 2018 657 M
Net income 2018 124 M
Finance 2018 836 M
Yield 2018 1,89%
P/E ratio 2018 45,06
P/E ratio 2019 18,28
EV / Sales 2018 1,26x
EV / Sales 2019 1,23x
Capitalization 8 582 M
Chart RALPH LAUREN CORP
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Ralph Lauren Corp Technical Analysis Chart | RL | US7512121010 | 4-Traders
Technical analysis trends RALPH LAUREN CORP
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 17
Average target price 110 $
Spread / Average Target 4,6%
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Managers
NameTitle
Patrice Jean Louis Louvet President, Chief Executive Officer & Director
Ralph Lauren Chairman & Chief Creative Officer
Jane Hamilton Nielsen Chief Financial Officer
Janet Sherlock Chief Information Officer
Frank Anthony Bennack Independent Director
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