Chiquita to Settle Regulatory Charges

Chiquita Brands International Inc. agreed to pay $100,000 to settle regulatory charges that the company tried to conceal a bribe paid to Colombian officials for a customs license.

The Securities and Exchange Commission alleged that the produce firm paid $30,000 to Colombian customs officials to obtain renewal of a storage license in the South American country.

Cincinnati-based Chiquita had been advised that this license was in jeopardy because of two previous citations for customs violations, the SEC alleged.

Chiquita’s Colombian employees, without the knowledge of superiors in the U.S., sought to conceal the payment by making inaccurate entries in the company’s records and general ledger, the SEC alleged.

“We’re glad to get this matter behind us,” Chiquita spokesman Robert Olson said. Under the settlement, the company neither admitted nor denied the allegations.

Chiquita shares fell 5 cents to close at 70 cents on the NYSE. The company lost $94.9 million last year--the third consecutive year in which it incurred a loss--on $2.25 billion in revenue.