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Delta and Pine Land Co. Lawsuit


$300,000 settlement in SEC norms violation lawsuit.


Delta and Pine Land Co.

St. Louis, MO: (Jul-27-07) The US Securities and Exchange Commission filed charges against Delta and Pine Land Co., which was recently acquired by Monsanto, and Delta's Turkish unit, alleging that the unit paid Turkish officials $43,000 to get government documents necessary to operate its business in Turkey. The suit claimed that Delta and Pine, through its Turk Deltapine Inc. subsidiary, paid officials of the Turkish Ministry of Agricultural and Rural Affairs from 2001 to 2006. In connection with these improper payments, the SEC said that Delta and Pine failed to keep accurate books and records, and failed to have effective internal controls.

In a settlement reached, Delta and Pine agreed to pay $300,000 to the Securities and Exchange Commission. Monsanto, which develops insect- and herbicide-resistant crops and other agricultural products, completed its acquisition of Delta and Pine for about $1.5 billion in June 2007. [MSN NEWS: GOVERNMENT PAYOFF]


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