The Kraft Heinz Company and two former executives have agreed to pay more than $62 million to settle charges they falsified supplier contracts to achieve cost savings in a multi-year accounting scheme, the U.S. securities regulator said on Friday.
The company and law firm names shown above are generated automatically based on the text of the article. We are improving this feature as we continue to test and develop in beta. We welcome feedback, which you can provide using the feedback tab on the right of the page.and two former executives have agreed to pay more than $62 million to settle charges they falsified supplier contracts to achieve cost savings in a multi-year accounting scheme, the U.S. securities regulator said on Friday.
The alleged misconduct began as a result of a "cost savings gap" leading up to Heinz's 2015 merger with Kraft and continued for years amid pressure to make good on promises the new company would "deliver on certain cost savings," according to SEC documents. Kraft, which did not admit or deny the SEC's findings, said in a statement that it fully cooperated with the SEC's investigation and has taken "remedial action and proactive steps" to boost its policies and controls for financial reporting.
Former chief operating officer Eduardo Pelleissone, who was accused of negligence-based anti-fraud and other controls violations, agreed to pay a penalty of $300,000 and another $14,000 in disgorgement.
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