General Cable said this week in a regulatory filing that it has set aside an estimated charge of $24 million that it believes the Securities and Exchange Commission likely will disgorge from profits derived from sales tainted by improper payments made in Angola.

As Compliance Week previously reported, the maker of copper, aluminum, and fiber optic wire and cable products disclosed in September that it was investigating “certain commission payments involving sales to customers of our subsidiary in Angola.” Its review specially focused on payment practices “with respect to employees of public utility companies, use of agents in connection with such payment practices, and the manner in which the payments were reflected on our books and records,” General Cable said.

Additionally, the company said it has determined that certain employees in its Portugal and Angola subsidiaries “directly and indirectly made or directed payments at various times from 2002 through 2013 to officials of Angola government-owned public utilities” that raise concerns under the FCPA and possibly under the laws of other jurisdictions.

In its latest securities filing, dated Feb. 25, General Cable said “the accrued amount reflects only an estimate of the Angola-related profits reasonably likely to be disgorged, and does not include provision for any fines, civil or criminal penalties, or other relief, any or all of which could be substantial.”

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