ITT Corp.

Roanoke, VA: (Mar-22-07) The US Government filed charges against defense contractor ITT Corp, a leading maker of night-vision goggles, accusing it of illegally transferring the technological know how of night- vision technology to China that can be critically important in battle. The suit also alleged the company tried to cut costs over a 20-year period by shipping technology and components without export licenses to an unnamed Singapore-based contractor. ITT Corp. pleaded guilty to two criminal export violations to the Justice Department and agreed to pay $100 million to resolve charges. [BLOOMBERG: ITT FRAUD]

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Published on Mar-26-07