3M Co. MMM, +0.28% agreed to pay disgorgement plus prejudgment interest totaling $4.58 million and a $2 million civil penalty for charges that it violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act in its business activities in China, the Securities and Exchange Commission said Friday.
The SEC’s order found that 3M’s Chinese subsidiary paid about $1 million for at least 24 trips for Chinese government officials that included tourism activities as part of efforts to persuade them to buy 3M products, from at least 2014 to 2017. Without admitting or denying the findings, 3M agreed to cease and desist from future violations. 3M stock was up by 0.1% on Friday, while the S&P 500 SPX, +0.05% rose fractionally.