ANTICORRUPTION DEVELOPMENTS -

Linde Group Receives DOJ Declination Pursuant to FCPA Pilot Program -

On June 16, 2017, German based chemical and gas company Linde Group’s American affiliates, Linde North America Inc. and Linde Gas North America LLC (collectively, “Linde”), executed a declination letter agreement with the Department of Justice (DOJ) pursuant to its Foreign Corrupt Practices Act (FCPA) Pilot Program. Specifically, the DOJ advised that it was closing its investigation of Linde concerning violations of the FCPA in the Republic of Georgia. Additionally, through the letter agreement, Linde agreed to disgorge $7,820,000 and to forfeit $3,415,000 in “corrupt proceeds.”

According to the letter agreement, from approximately 2006 to December 2009, Linde, through its subsidiary Spectra Gases, Inc., made corrupt payments to high level officials at the National High Technology Center (NHTC) of the Republic of Georgia, a 100 percent state owned and controlled entity, in connection with its purchase of certain income producing assets from the NHTC. Although Linde trades on German stock exchanges, neither it nor its U.S. units have securities registered with the Securities and Exchange Commission (SEC).