|End-of-day quote - 11/24|
UAW announces financial reforms as U.S. corruption probe widens
|12/02/2019 | 12:50pm|
The United Auto Workers (UAW) union said on Monday it would implement stringent changes to its financial procedures and processes in response to a widening corruption probe from U.S. prosecutors.
"This top-to-bottom assessment of our financial and accounting procedures and policies will result in a stronger and more stringent financial oversight of all expenditures and financial transactions," UAW Secretary-Treasurer Ray Curry said in a statement.
UAW President Gary Jones resigned last month after the union moved to remove him from office and as U.S. prosecutors widened a criminal investigation into illegal payoffs that so far has seen 10 people plead guilty.
The process, which is part of UAW's reform initiative that began last spring, also includes increased staffing, a new external accounting firm and expanded internal financial training, the UAW said.
(Reporting by Sanjana Shivdas in Bengaluru; Editing by Anil D'Silva)