Clear Channel Outdoor Holdings, Inc. has disclosed that it self-reported potential FCPA violations at a Chinese subsidiary, Clear Media Limited, to the Department of Justice and Securities and Exchange Commission following an internal investigation into allegations of misappropriation of funds. According to the company, that investigation uncovered three unauthorized bank accounts opened in the name of Clear Media Limited entities. The investigation also reportedly uncovered accounting discrepancies in those accounts dating back to 2015 and 2016 that could implicate the books and records, internal controls, and anti-bribery provisions of the FCPA. The company reported that it is also under investigation by the Chinese police.
December 21, 2018