3M agreed to pay more than $6.5 million to settle a U.S. foreign corruption probe after marketing employees of a China-based subsidiary took healthcare officials on secret tourist excursions to the U.S. and Australia.
3M’s China unit funded overseas tourist travel for officials at Chinese state-owned companies, claiming the trips were legitimate outings to conferences, educational events and healthcare facilities, the Securities and Exchange Commission said Friday. The agency said the conduct violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act.