Kraft's former chief operating officer Eduardo Pelleissone and former chief procurement officer Klaus Hofmann were also charged for their misconduct related to the scheme.

Kraft and the former officials have been fined $62m (£45m) over the financial reporting discrepancies at the US listed company.

Without admitting or denying the SEC's findings, Kraft agreed to cease and desist from future violations and pay a civil penalty of $62m, whereas Pelleissone consented to cease and desist from future violations, pay disgorgement and prejudgment interest of $14,211.31, and pay a civil penalty of $300,000. And without admitting or denying the SEC's allegations, Hofmann consented to a final judgment permanently enjoining him from future violations, ordering him to pay a civil penalty of $100,000, and barring him from serving as an officer or director of a public company for five years. The settlement with Hofmann is subject to court approval.