Electrical technology giant ABB Ltd. of Switzerland reached a settlement with the DOJ today of criminal FCPA charges and will pay a fine $30,420,000. And in resolving civil charges with the SEC, the company will disgorge $22,804,262 and pay a $16,510,000 civil penalty.
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Zurich, Switzerland-based engineering giant ABB Ltd’s Q2 earnings release contained the following item: On July 13, 2007, ABB disclosed to the U.S. Department of Justice and the U.S. Securities and Exchange Commission suspect payments made by employees of company subsidiaries in Asia, South America and Europe, in particular Italy. These suspect payments were discovered as […]
The Justice Department announced on Monday (November 23) the arrest of the former general manager of a Sugar Land, Texas-based ABB subsidiary for his alleged role in a conspiracy to bribe Mexican government officials. The bribes were allegedly intended to secure contracts with the Comisión Federal de Electricidad (CFE), a Mexican state-owned utility company. The […]
Responding to our post Where The Money Is, Washington, D.C. lawyer Marc Alain Bohn suggested we include ABB in the settlement pipeline. He’s right. In December 2008, the Swiss engineering company said it reserved about $850 million for possible resolution of U.S. and European corruption charges. A story from Dow Jones Deutschland said: The provisions […]
The Houston Chronicle reported the arrest Friday of a Mexican businesswoman on charges of violating the FCPA. Angela Gomez, 55, is accused of serving as an intermediary between ABB and another U.S. firm for Nestor Moreno, chief of operations for Mexico’s Federal Electric Commission. The report said prosecutors alleged that Moreno received a yacht, Ferrari, […]
The UK Serious Fraud Office said Friday it is investigating ABB Ltd’s United Kingdom subsidiaries, their officers, employees, and agents for suspected bribery and corruption.
In July 2008, the government of Iraq launched a massive FCPA-related federal lawsuit in New York City. We first talked about it here. The complaint named 93 defendants in claims alleging bribery and fraud under the now-defunct United Nations oil-for-food program. Iraq sought more than $10 billion in damages, describing the U.N. program as “the […]