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General Cable sets aside $28 million for bribery case

Jaclyn Jaeger | February 16, 2016

General Cable said last week in an earnings release that it has set aside an estimated charge of $28 million that it believes the Securities and Exchange Commission likely will disgorge from profits derived from sales tainted by improper payments made in several countries.

As previously disclosed, General Cable said it’s “been reviewing, with the assistance of external counsel, our use and payment of agents in connection with, and certain other transactions involving, our operations in Angola, Thailand, India, China and Egypt.” Its review has focused on payments and gifts made, offered, contemplated or promised by certain employees in one or more of these countries, directly and indirectly, and at various times, to employees of...

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