Alliance One Announces Successful and On-Time Completion of Compliance Monitorship
MORRISVILLE, N.C., Oct. 1, 2013 /PRNewswire/ -- On August 6, 2010, Alliance One International, Inc. (NYSE: AOI), entered into separate settlement agreements with the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to resolve those agencies' respective investigations relating to violations under the Foreign Corrupt Practices Act, which involved conduct occurring prior to the merger that formed the Company in May 2005. These settlements required the Company to retain an independent compliance monitor for a term of three years. Accordingly, F. Joseph Warin, Esq. of the law firm Gibson, Dunn & Crutcher LLP was selected to serve as the Company's independent compliance monitor for this three-year term.
On September 30, 2013, the Company fulfilled its obligations under its settlement agreements, including the successful and on-time completion of its compliance monitorship. On May 7, 2013, the Monitor filed his third and final of his required reports with the DOJ and the SEC. In the third report, the Monitor evaluated the long-term sustainability of the Company's compliance program, in addition to risk-based themes and the implementation of recommendations from previous years.
The Monitor concluded the third report by certifying that the Company's Compliance Program, including its policies and procedures, is reasonably designed and implemented to detect and prevent violations of anti-corruption laws within the Company. The final report also states that all recommendations of the Monitor have been fully implemented by the Company. As per the schedule set forth in the aforementioned settlement agreements, the monitorship formally ended on time on September 30, 2013, and without any extensions of that date by the Monitor, the DOJ or the SEC.
"Over the past three years we have built a world-class compliance program supported by strengthened systems, policies, procedures and controls that address a variety of compliance areas," said Alliance One's President and Chief Executive Officer J. Pieter Sikkel. "While the completion of the monitorship is an important milestone, our strong commitment to operating ethically and compliantly will continue indefinitely. I would also like to thank Joe Warin and his colleagues at Gibson, Dunn & Crutcher, LLP for providing invaluable feedback on our Compliance Program and for carrying out their responsibilities in a professional and thoughtful manner."
Alliance One International is a leading independent leaf tobacco merchant serving the world's large multinational cigarette manufacturers. For more information on Alliance One, visit the Company's website at www.aointl.com.
SOURCE Alliance One International, Inc.