American telecommunications and semiconductor company Qualcomm agreed Tuesday to pay a large sum after being accused of hiring the younger relatives of Chinese officials who were deciding whether to do business with it.
The U.S. Securities and Exchange Commission (SEC) found that Qualcomm’s hiring conduct between the years 2002 and 2012 may have violated antibribery laws, reports Reuters.
Qualcomm agreed to pay $7.5 million without admitting or denying the SEC’s findings. The company said it now more closely scrutinizes employment procedures.
The probe into Qualcomm was part of a broader SEC investigation into the hiring by American companies of “princelings,” a term used in Asia to refer to the junior relatives of the Chinese Communist Party elite.
[Reuters]
More Must-Reads From TIME
- Jane Fonda Champions Climate Action for Every Generation
- Biden’s Campaign Is In Trouble. Will the Turnaround Plan Work?
- Why We're Spending So Much Money Now
- The Financial Influencers Women Actually Want to Listen To
- Breaker Sunny Choi Is Heading to Paris
- Why TV Can’t Stop Making Silly Shows About Lady Journalists
- The Case for Wearing Shoes in the House
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Write to Mark Rivett-Carnac at mark.rivett-carnac@timeasia.com