CHICAGO, Nov 28 (Reuters) - The executive counsel of DynCorp International LLC was let go from the military contractor earlier this week, soon after it disclosed that certain payments may have been made to try to ensure business with the U.S. government.
On Wednesday, the company said Curtis Schehr's employment as senior vice president, chief compliance officer and executive counsel of DynCorp International LLC was terminated without cause as of Monday.
DynCorp International LLC is a subsidiary of DynCorp International Inc. The company maintains aircraft and provides security and training, dining facilities and other logistics services for defense.
No further details were given in a filing with the U.S. Securities and Exchange Commission on Wednesday.
On Nov. 9, DynCorp said it had identified that certain payments, which it believed totaled about $300,000, were 'made to expedite the issuance of a limited number of visas and licenses from foreign government agencies that may raise compliance issues under the U.S. Foreign Corrupt Practices Act.'
The payments were made to subcontractors 'in connection with servicing a single existing task order that the company has with a U.S. government agency.'
At that time, DynCorp said it had retained outside counsel to investigate the payments. The company also said it was evaluating its internal policies and procedures and was committed to improving its compliance procedures.
In the Nov. 9 filing, DynCorp said it brought the payments matters to the attention of the U.S. Department of Justice and the SEC. It did not believe the matters would have a material adverse effect on its business, financial condition, results of operations or cash flow based on facts it knew at that time.
At least two analysts downgraded DynCorp's shares earlier this month, as they were concerned that U.S. troop withdrawal from Iraq could hurt its growth.
(Reporting by Jessica Wohl)
((jessica.wohl@thomsonreuters.com +1 312 408 8132; Reuters Messaging: jessica.wohl.reuters.com@reuters.net;)) Keywords: DYNCORP/ (See http://blogs.reuters.com/shop-talk/ for Shop Talk -- Reuters' retail and consumer blog.) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
On Wednesday, the company said Curtis Schehr's employment as senior vice president, chief compliance officer and executive counsel of DynCorp International LLC was terminated without cause as of Monday.
DynCorp International LLC is a subsidiary of DynCorp International Inc. The company maintains aircraft and provides security and training, dining facilities and other logistics services for defense.
No further details were given in a filing with the U.S. Securities and Exchange Commission on Wednesday.
On Nov. 9, DynCorp said it had identified that certain payments, which it believed totaled about $300,000, were 'made to expedite the issuance of a limited number of visas and licenses from foreign government agencies that may raise compliance issues under the U.S. Foreign Corrupt Practices Act.'
The payments were made to subcontractors 'in connection with servicing a single existing task order that the company has with a U.S. government agency.'
At that time, DynCorp said it had retained outside counsel to investigate the payments. The company also said it was evaluating its internal policies and procedures and was committed to improving its compliance procedures.
In the Nov. 9 filing, DynCorp said it brought the payments matters to the attention of the U.S. Department of Justice and the SEC. It did not believe the matters would have a material adverse effect on its business, financial condition, results of operations or cash flow based on facts it knew at that time.
At least two analysts downgraded DynCorp's shares earlier this month, as they were concerned that U.S. troop withdrawal from Iraq could hurt its growth.
(Reporting by Jessica Wohl)
((jessica.wohl@thomsonreuters.com +1 312 408 8132; Reuters Messaging: jessica.wohl.reuters.com@reuters.net;)) Keywords: DYNCORP/ (See http://blogs.reuters.com/shop-talk/ for Shop Talk -- Reuters' retail and consumer blog.) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.