AVON Products Inc, the world's largest direct seller of cosmetics, is voluntarily conducting an internal investigation of its China operations, focusing on a corruption complaint.
New York-based Avon started a probe of travel, entertainment and other expenses in June after receiving an allegation of corruption, according to a statement released on Monday. The company didn't say who made the corruption allegation.
The New York-listed company has voluntarily notified the US Securities and Exchange Commission and the US Department of Justice about the investigation based on the compliance with the Foreign Corrupt Practices Act, which bars US companies from using bribery to win business overseas.
"The internal investigation is in its early stage and no conclusion can be drawn at this time as to its outcome," said Victor Beaudet, vice president for Corporate Communications of Avon Products Inc, in a telephone interview with Shanghai Daily yesterday.
CLP Holdings LtdPowers up revenue
CLP Holdings Ltd, Hong Kong's biggest power supplier, said revenue in the nine months to September climbed 6.9 percent as gains in commercial sales helped offset a drop in residential demand.
Revenue in the period reached HK$42.7 billion (US$5.5 billion), compared with HK$39.9 billion a year earlier, CLP said.
"Rainy weather in July and August had an adverse impact on sales," the company said.