US insurance giant Arthur J. Gallagher has become the latest multinational to find itself embroiled in a far-reaching investigation into corruption in Ecuador, after being asked by US authorities to hand over information relating to its business with Ecuadorian state-owned firms.
Arthur J. Gallagher received a subpoena from the DoJ’s Foreign Corrupt Practices Act (FCPA) unit seeking information related to its business with publicly owned companies in Ecuador, the insurer said in its Q3 results.
The broker said it is “fully cooperating” with the DoJ’s investigation, as it told investors that it does not believe a “material loss, if any, is probable.”
The FCPA is a US federal law prohibiting American citizens and entities from bribing foreign government officials to benefit their business interests.
The subpoena comes as US authorities have led a series of investigations into corruption in Latin America, that has seen the DoJ launch a series of probes into Ecuador’s state-owned insurance firms.
Arthur J. Gallagher declined to comment.