From The Hindu Archives, March 4, 1976: Ford studying steps against bribery by firms

From the Archives, March 4, 1976

Washington, March 3: President Gerald Ford is studying a list of measures to be taken against major corporations which are paying bribes abroad, White House spokesman Mr. Ron Nessen has disclosed.

The spokesman did not say what measures were being considered. Among the options would be withdrawal of Government orders from those firms found to be involved in irregularities.

The U.S. Government was said to be pressing internationally for certain rules of behaviour for all major corporations to prevent further corruption.

A large number of American corporations have admitted paying bribes to expand their foreign sales and the known number of cases rises nearly everyday as new ones are revealed.

Japanese firm’s chairman resigns

In Tokyo, Mr. Hiro Hiyama resigned to-day as chairman of the giant Marubeni corporation, agents in Japan for the American Lockheed Aircraft Corporation in the wake of the Lockheed pay-off scandal.

A spokesman for Marubeni, Japan’s third largest trading house, said Mr. Hiyama would remain with the company as a director in an advisory capacity.

The Lockheed scandal has also cast a shadow over the current visit of U.S. Joint Chiefs of Staff Chairman in Tokyo.