The U.S. Securities and Exchange Commission has charged San Antonio-based Clear Channel Outdoor Holdings Inc. regarding actions taken by employees at a then-Chinese subsidiary to bribe Chinese government officials to obtain outdoor advertising contracts in violation of the Foreign Corrupt Practices Act.
In a 13-page order issued Thursday, SEC officials announced that Clear Channel and its majority-owned subsidiary in China called Clear Media Limited — a subsidiary it has since sold — had “consented” to the federal agency’s findings that it violated anti-bribery, recordkeeping and internal accounting controls provisions of the Securities Exchange Act of 1934.