Fastener Execs Jailed for Bribery in Apple Case
FEATURE
Fastener Execs Jailed for Bribery in Apple Case
MEDIA SPOTLIGHT – “Three directors and shareholders of a (fastener) manufacturer paid more than US$300,000 in bribes to Apple’s former global supply manager over 10 months, making around US$12.4 million worth of sales to the technology giant,” the Straits Times of Singapore reports.
The trio, who owned Fastening Technology, were each jailed for 27 weeks after admitting to three corruption charges related to bribing former Apple global supply manager Paul Shim Devine, a U.S. citizen, the Times reports.
“As Apple’s global supply manager, Devine was responsible for developing and managing relationships with various companies that supply parts and materials for Apple iPod and headset enclosures,” writes Elena Chong of the Times.
Beginning in 2008, prosecutors say Tan Thiam Chye, 58, Tan Kah Huat, 47, and Chuow Chun Lim, 46, agreed to pay a 3% commission to Devine on the negotiated contract price related to business with Apple.
“In January 2010, Devine set up a shell company called CPK Engineering in California, which was used to receive corrupt bribes from Fastening,” the Times reports.
The trio paid a total of US$383,295 to Devine, who reportedly was jailed in the U.S. for 12 months and fined US$4.5 million for wire fraud, money-laundering and carrying out transactions with “criminally derived property.”
Editor’s Note: Articles in MEDIA SPOTLIGHT are excerpts from publications which show the industry what the public is reading about fasteners and fastener companies.
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