Monsanto Co. said it agreed to pay $1.5 million in penalties as part of a settlement with U.S. authorities over improper payments and financial irregularities related to its Indonesian affiliates.

The St. Louis-based company said it accepted full responsibility for the improper activities and regretted that people working on its behalf engaged in such behavior.

The settlements were reached with the Securities and Exchange Commission and the Department of Justice.

The Justice Department said Monsanto was charged with violating the Foreign Corrupt Practices Act for making an illegal payment of $50,000 to a senior official in Indonesia's Ministry of the Environment in 2002 and falsely certifying the bribe as "consultant fees" on the company's books and records.

Monsanto agreed to pay $1 million in the DOJ settlement.

The company also agreed to pay a $500,000 civil penalty to settle SEC charges for the $50,000 bribe and related violations.

Source: Yahoo News