September 26, 2019 / 11:09 PM / 19 days ago

PPG Industries says SEC probe resolved with no financial penalty

Sept 26 (Reuters) - Chemicals maker PPG Industries Inc said on Thursday a probe by the U.S. Securities and Exchange Commission (SEC) into the alleged role of a former controller of the company in inflating profits has been resolved with no financial penalty.

"In its order, the SEC acknowledged PPG's self-reporting, its ongoing cooperation throughout the investigation and its prompt remedial actions," the company said in a statement. (reut.rs/2lsyTm5).

PPG also said the U.S. Attorney’s Office for the Western District of Pennsylvania would not pursue any action further.

The company in May last year had fired reut.rs/2lvaFYr its vice president and controller, Mark Kelly, accusing him of instructing subordinates to improperly override its internal controls without the knowledge of senior management.

PPG had said it discovered these actions while working to disclose its financial reports at the end of a quarter. (Reporting by Bharath Manjesh in Bengaluru; Editing by Arun Koyyur)

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