The president of the Coca-Cola Co. denied allegations the international soft drink maker bribed officials in the Soviet Union to win access to that potentially huge market.

Donald R. Keough, speaking before an East-West trade conference, confirmed on Wednesday the company is under investigation by a federal grand jury under the 1977 Foreign Corrupt Practices Act.

The law bans U.S. companies or individuals from bribing foreigners or political parties in order to obtain or retain business.

"The simple fact is - and you know it - the Coca-Cola Co. has not, does not and will not pay bribes to Soviet officials or to anyone else," Keough said in the keynote address to the conference, which was sponsored by Coca-Cola.