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Thomas Fox Contributing Editor

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Shruti J. Shah Contributing Editor

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FCPA Blog Daily News

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Tuesday
Aug082017

MTS Systems says FCPA probes have ended

Minnesota-based MTS Systems Corporation said Monday that FCPA investigations related to China and Korea are complete and the DOJ and SEC aren't bringing enforcement actions.

The company's disclosure was posted by FCPA Tracker Monday.

The firm produces testing gear for military and other applications.

The internal investigation began in 2012. MTS investigated gift, travel, entertainment and other expenses in Asia.

The investigation focused "on possible violations of Company policy, corresponding internal control issues and possible violations of applicable law, including the Foreign Corrupt Practices Act," MTS said.

As a result of the investigation, MTS Systems made changes to internal control procedures and removed some employees from its Korea office.

The company also investigated business practices in China starting in 2014. That investigation also focused on gift, travel, entertainment and other expenses.

MTS Systems self disclosed the investigations to the SEC and DOJ.

The company said Monday, "We were notified by the agencies in August 2017 that their respective investigations were closed as to MTS without further action taken by either agency."

The company said it believes "the matter has been resolved." 

MTS and the DOJ and SEC haven't released to the public any declination letters for the company.

MTS Systems Corporation trades on Nasdaq under the symbol MTSC.

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Richard L. Cassin is the publisher and editor of the FCPA Blog.