Date
24 March 2017
Trading information for Monsanto is displayed on an electronic board in the US stock exchange. Monsanto paid the government US$80 million to settle allegations of financial misconduct. Photo: Reuters
Trading information for Monsanto is displayed on an electronic board in the US stock exchange. Monsanto paid the government US$80 million to settle allegations of financial misconduct. Photo: Reuters

Monsanto whistleblower gets US$22 mln reward

A former top executive who tipped US regulators about improprieties at US biochemical company Monsanto has been awarded US$22 million under the government’s whistleblower program.

The award came after an US$80 million settlement by Monsanto with the Securities and Exchange Commission (SEC) in February, Reuters reports, citing a lawyer for the former executive.

It is the SEC’s second largest under the program. The lawyer declined to reveal the whistleblower’s identity.

The Dodd-Frank financial reform law empowers the SEC to award money to whistleblowers who give information to the agency which leads to a fine.

Awards to 33 whistleblowers by the SEC’s program have now surpassed US$107 million since the agency launched the program in 2011, the agency said in a statement on Tuesday.

The largest award, in 2014, was US$30 million, the agency said.

Monsanto’s US$80 million SEC settlement followed allegations that the company misstated its earnings in connection with Roundup, a popular weed killer.

The SEC’s case against Monsanto revolved around a corporate rebate program designed to boost Roundup sales.

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CG/RA

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