Investigation Name:
Investigation into OSI Restaurant Partners, Inc.'s Activities in South Korea
Trend:
None
Type of investigation:
Internal
Whistleblower:
Unknown
Summary
OSI Restaurant Partners, Inc. ("OSI"), aka Outback Steakhouse, was incorporated in Delaware and had principal offices in Tampa, Florida.
According to its SEC filings, in connection with a customary review of the results of its international operations, OSI discovered that employees of Aussie Chung Ltd., the company’s 82% owned subsidiary in South Korea, may have made improper payments to government officials. Following that discovery, OSI’s audit committee engaged outside counsel to investigate the matter.
The chief executive officer, chief operating officer and director of treasury of Aussie Chung Ltd. resigned as employees and from all offices they held with that company and, in the case of the chief executive officer and chief operating officer, from its board of directors. No other employees of Aussie Chung and no members of the management outside South Korea were implicated in the improper payments.
OSI voluntarily reported the matter to the staff of the SEC and the DOJ.
There was no indication that either the SEC or DOJ began an investigation into the OSI matter as of OSI’s January 17, 2007 10-Q, which was the last disclosure of the investigation. The investigation is likely complete.
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