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"We have in fact been very successful in retaining business".
It was devised to punish the giving of bribes for obtaining or retaining business abroad.
in order to assist such person in obtaining or retaining business for or with, or directing business to, any person.
This 1977 law makes it "unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business".
The law contains two parts: it prohibits bribing a foreign official for the purpose of "obtaining or retaining business," and it requires that public companies file proper financial statements and maintain a system of internal controls.
At the heart of the S.E.C.'s investigation is the Foreign Corrupt Practices Act of 1977, which essentially bans United States companies from giving "anything of value" to a foreign official to win "an improper advantage" in retaining business.
Similar(40)
Mrs. Schopp is the coordinator for the Morris County Economic Development Corporation in Morristown, N.J., where she focuses on retaining businesses and assisting with business expansion.
Ms. Lohneiss, 45, of Riverhead, said that the job of economic development commissioner had grown far beyond simply attracting and retaining businesses.
So at a time when the chancellor is looking abroad for support for the flagging national economy, which cities have the best track record of attracting and retaining businesses from abroad?
Let's get back to the basics of attracting and retaining businesses.
(Federal law already prohibits companies from bribing foreign officials to get or retain business).
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