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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-12-05T16:19:00
Swiss technology company ABB agreed to pay $327 million in penalties to settle coordinated charges it paid bribes to win South African energy contracts.
The settlement, announced late Friday by the U.S. Department of Justice, saw ABB admit to a scheme from 2014-17 to pay bribes to a South African energy official. The scheme involved ABB making payments to subcontractors connected to the high-ranking official at the energy company Eskom Holdings. In return, ABB received “improper advantages” in its efforts to obtain work with Eskom, including access to confidential and internal Eskom documents.
ABB and Eskom then conducted “sham negotiations” that resulted in inflated contracts being awarded to ABB.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2024-01-12T20:32:00Z By Aaron Nicodemus
Andrew McBride, chief risk officer of Albemarle Corp., and Tapan Debnath, head of integrity, regulatory affairs and data privacy at ABB, discussed how and why their respective organizations use data analytics to conduct business as part of a recent webcast.
2024-01-10T20:31:00Z By Kyle Brasseur
German-based software company SAP agreed to pay more than $220 million as part of resolutions with authorities in the United States and South Africa regarding alleged violations of the Foreign Corrupt Practices Act.
2023-12-01T14:43:00Z By Kyle Brasseur
The Department of Justice will increase its efforts to build relationships and foster collaboration with its global counterparts to thwart bribery and corruption under a new strategy.
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RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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