March 27, 2020

Florida HVAC company discloses potentially improper payments

Carrier Global Corporation, a global provider of heating, ventilating, air conditioning, refrigeration, and fire and security equipment company based in Florida, reported in a securities filing on March 16, 2020, that it had recently conducted a compliance audit of AHI-Carrier FZC (AHI-Carrier), a UAE-based Carrier joint venture with a company named Airconditioning & Heating International FZC.  As a result of that audit, the Company had identified payments to AHI-Carrier totaling $380 million over ten years, from certain entities located in the Commonwealth of Independent States.  Carrier stated that these payments may have violated certain unspecified laws, and that it has commenced an investigation of the payments.  Carrier also stated that it has reported these issues to the US Securities and Exchange Commission and US Department of Justice, and that it intends to cooperate fully with inquiries by the SEC and DOJ.

Form 8-K