ABB Pays $58m to Settle Corruption Case

ABB, the Swiss-Swedish engineering group, has agreed to pay more than $58m to settle criminal and civil charges in relation to alleged payment of bribes and kickbacks in Mexico and Iraq.

The Swiss-Swedish engineering group was charged by the US with conspiracy and violating the Foreign Corrupt Practices Act.

Prosecutors alleged that ABB and its subsidiaries and agents made “concealed, corrupt payments” to officials at a state-owned Mexican electric utility to gain contracts, and paid more than $300,000 in kickbacks to the former Iraqi government to win orders under the United Nations oil-for-food programme.

Reuters reports that ABB Ltd - Jordan was accused of conspiracy to pay bribes that totaled hundreds of thousands of dollars to Iraqi officials for contracts to supply electrical equipment and supplies worth over $5.9 million.

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