New York fragrance company confirms improper payments in Russia and Ukraine

On November 4, 2019, International Flavors & Fragrances Inc. (IFF), a New York- based producer of food flavoring and cosmetics, stated in a filing with the US Securities and Exchange Commission that it had substantially completed its previously disclosed investigation of improper payments made by Israel-based Frutarom Industries Ltd., which was acquired by IFF in May 2018, to representatives of Frutarom customers in Russia and Ukraine.  IFF confirmed that such payments had been made and that certain Frutarom senior managers had been aware of these payments. IFF stated, however, that it had found no evidence connecting these payments to the United States.  IFF added that it had taken appropriate remedial actions, including replacing certain members of senior management, and that it believed such payments had stopped.  IFF first disclosed the investigation in August 2019, stating that it had notified US and Israeli regulatory authorities.

Form 10-Q

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