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TELEDYNE AGREES TO SETTLE GOVERNMENT CHARGES

 LOS ANGELES, Aug. 23 /PRNewswire/ -- Teledyne Inc. (NYSE: TDY) announced today that Teledyne Industries has signed an agreement with the U.S. government to settle government charges by pleading guilty to making three false statements and agreeing to pay a $1.5 million fine. The federal court has set Sept. 13, 1993, as the date to receive the company's plea. The settlement arises from conduct at Teledyne Systems from 1984 to 1988.
 Teledyne regrets the conduct that resulted in the settlement. In 1988 and early 1989, the Teledyne corporate office discovered the business relationship that underlies the settlement, terminated the arrangement in question, disciplined employees and made disclosures to the government. In the years since this occurred, Teledyne has reinforced its ethics and compliance programs and its controls on use of foreign representatives.
 Teledyne Systems had hired a Taiwanese representative in 1983. From 1984 to 1988, the purchase order for services inaccurately described the representative's compensation as based on "fee for services" when, in fact, the amount of compensation was primarily based on oral agreement to pay commissions. Documentation which inaccurately described the compensation arrangement was available for audit by the U.S. government and, hence, is the basis for today's settlement.
 -0- 8/23/93 R
 /CONTACT: Rosanne O'Brien of Teledyne, 310-551-4265/
 (TDY)


CO: Teledyne Inc.; Teledyne Industries; Teledyne Systems ST: California IN: CPR ARO SU:

EH-JL -- LA037 -- 5352 08/24/93 09:28 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
Words:236
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