CHICAGO Aug 6 Archer Daniels Midland Co said on
Tuesday it was preparing to pay more than twice as much as
previously expected to settle a bribery probe with the U.S.
ADM, one of the world's largest agricultural trading houses,
increased its provision to settle an investigation by the U.S.
Department of Justice and the U.S. Securities and Exchange
Commission to $54 million from $25 million.
ADM has been negotiating with the Justice Department and SEC
about possible violations of foreign bribery laws since 2008,
according to the company. It raised its forecast for the fine
"based upon recent progress in these discussions," according to
a statement in its quarterly earnings report.
ADM previously said that transactions relating to grain and
feed exports may have violated the U.S. Foreign Corrupt
Practices Act and other U.S. and foreign laws. The company has
declined to provide more details.
For the second quarter that ended June 30, ADM reported net
earnings of $223 million, or 34 cents a share. That was down
from $284 million, or 43 cents a share, for the same quarter a