Securities and Exchange Commission (SEC) and the CEO of LAN Airlines Mr. Cueto settled a case where he was accused of violating US Foreign Corrupt Practices Act.
The CEO had agreed to pay Argentinean consultant more than a million USD after the airline entered the Argentinean market to basically bribe union officials that were demanding pay hikes for the various employee groups.
You can access the SEC filing here that you can find in PDF form below:
Surprised that the LATAM Group hasn’t yet thrown this CEO out of his office for bribing through shady “consulting” agreements where money was wired from their US subsidiary to brokerage account in Virginia.
Doing and starting a business in Argentina as a foreign entity must not have been easy. But may be the market wouldn’t have been worth expanding to if it requires breaking number of laws?