VANCOUVER, BC – Westport Fuel Systems Inc. ("Westport Fuel Systems") (TSX/Nasdaq:WPRT) today announced that it has reached a settlement with the United States Securities and Exchange Commission (“the SEC”) fully resolving the SEC’s investigation into the Company’s compliance with the U.S. Foreign Corrupt Practices Act (“FCPA”).
Under the terms of the settlement, Westport Fuel Systems neither admits nor denies any violation of the FCPA. The settlement relates to a transaction involving the Company’s joint venture in China that took place more than three years ago and was handled by individuals who have since left the Company.
The Company agrees to pay a civil penalty to the SEC of $1,500,000, prejudgment interest of $196,000, and $2,350,000 representing the disgorgement of proceeds related to the subject transaction and has also agreed to a two-year period of self-reporting requirements regarding FCPA compliance activities. Expenses related to this settlement were accrued in the Company’s Q2 2019 financial statements.
“Since joining Westport Fuel Systems in January 2019, I have been impressed by the entire organization’s high ethical standards in everything we do”, said David M. Johnson, the CEO of Westport Fuel Systems. “Nonetheless, we are continuing our efforts to ensure that we always conduct business in a manner that is compliant with laws in all jurisdictions where we operate and to strengthen internal controls, compliance programs, and oversight.”
In announcing the settlement, the SEC highlighted Westport Fuel System’s full cooperation and the steps taken by the Company to enhance its controls and compliance policies.
“With the investigation resolved and a steadfast commitment to maintaining a culture of integrity, we are able to return our full focus to providing our customers around the world with our clean transportation technologies and products to address the urgent challenges of climate change and urban air quality,” said Johnson.
For more information about Westport Fuel Systems’ commitment to integrity, please visit https://wfsinc.com/about/commitment-to-integrity/
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
Westport Fuel Systems Inc. today announced it has agreed to commence a research project with Scania to apply its HPDI 2.0 fuel system with hydrogen to the latest Scania commercial vehicle engine. Preliminary test results are expected in the second half of 2021.
Westport Fuel Systems Inc. today announced the appointment of Tony Guglielmin to the company’s Board of Directors, effective January 7, 2021.
2020 Year in Review and What’s Driving Momentum in 2021
Cummins Westport Inc. today announced changes to its Board of Directors and Management in accordance with the terms of the 50/50 Joint Venture Agreement between Cummins Inc. and Westport Fuel Systems Inc.
Program Applies HPDI to an Updated Base Engine Platform
Swedish truck maker Volvo said it’s seeing hauliers and transport buyers moving towards refrigerated liquefied gas as a cheaper and more environmentally friendly alternative to diesel.
The Maruti Suzuki WagonR S-CNG has emerged as the highest selling natural gas vehicle in the country, as this greener and safer factory-fitted CNG model has surpassed 300,000 units in sales.
While much attention has shifted to the potential for battery-electric or hydrogen vehicles, another technology with a vast infrastructure — renewable natural gas — is gaining traction among fleet managers.
Egypt has launched an ambitious plan to shift the primary fuel for vehicles in its jurisdiction from petrol and diesel to compressed natural gas.
Natural gas vehicles (NGV) may get a boost as power markets and renewable equipment production are seen as potential casualties.