Goodyear settles with SEC over bribery charges

(Reuters) — Goodyear Tire & Rubber Co. will pay more than $16 million to settle civil charges alleging some of the company's subsidiaries paid bribes to win business in Kenya and Angola, U.S. regulators said Tuesday.

The Securities and Exchange Commission said that Goodyear failed to prevent or detect more than $3.2 million in bribes in a four-year period.

Goodyear neither admitted nor denied the charges, and the SEC said the company cooperated throughout the investigation and self-reported the violations.