Avon Products confirmed a settle with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to its long-standing litigation concerning overseas business practices.
Cosmetics maker Avon has been cleared of the bribery charges it faced in China by a New York Judge, in a case that had been ongoing for a number of years.
Avon has announced a shake-up of its Thailand approach, suggesting the beauty giant is seeking new avenues for boosting sales in Asia after its recent exit from South Korea and Vietnam.
Avon says it has set aside $89 million for financial penalties, but adds it might have to stash a further $43 million based on the current status of its settlement talks.
Global cosmetics firm Avon remains tight-lipped as federal prosecutors investigating whether U.S. executives at the company broke foreign-bribery laws present evidence in the probe to a grand jury.
