ITT hit over export of night-vision goggle parts [View All]

Source: Washinton Post -->Reuters

ITT Corp. <ITT.N> has agreed to plead guilty and pay a penalty of up to $100 million for illegally exporting night-vision goggle component parts to China, Singapore and Britain in 2001, the U.S. Justice Department said on Tuesday.

It said ITT had agreed to plead guilty to one count of making the exports without first obtaining a license or written authorization from the State Department.

The company also will plead guilty to one count of leaving out material facts from required reports on arms exports between 2000 and 2004, making the reports misleading, the department said.

The Justice Department said ITT would pay a $2 million criminal fine, forfeit $28 million as the proceeds of its illegal actions, and pay a $20 million penalty to the State Department.

Read more: www.washingtonpost.com/wp-dyn/content/article/2007/03/27/AR2007032701062.html

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Exporting illegally in 2001... Guess what??? During bushwad's term