Don't miss

Replay


LATEST SHOWS

ENCORE!

Debra Granik: 'There aren't many women who love making films about blood and gore'

Read more

IN THE PRESS

Medical breakthrough? Researchers find way to tackle Alzheimer's

Read more

FOCUS

Jihadists, but no terror attacks: The case of Italy

Read more

THE OBSERVERS

A controversial pastor in Haiti, pollution in Casablanca, and more

Read more

PERSPECTIVE

Photojournalist Reza: 'Children are now the best photographers'

Read more

BUSINESS DAILY

Instagram founders quit photo app

Read more

EYE ON AFRICA

Tanzania investigates ferry disaster which killed at least 227

Read more

MEDIAWATCH

Presidential parody: The unofficial Elysée shop

Read more

THE DEBATE

Iran under pressure: Tehran vows retaliation after Ahvaz attack

Read more

Business

France's Alstom to pay $772 million in US bribery case

© Georges Gobet, AFP | View of the Alstom plant during its inauguration in Montoir-de-Bretagne, near Saint Nazaire, on December 2,

Text by NEWS WIRES

Latest update : 2014-12-22

The French firm Alstom SA has pleaded guilty and will pay $772 million in criminal penalties to settle charges with the US Justice Department alleging the company bribed government officials to win business around the world.

The settlement announced by the Justice Department on Monday marks the largest-ever criminal fine levied by the United States against a company for violations of foreign bribery laws.

The fine will resolve charges related to a “widespread scheme involving tens of millions of dollars” in bribes around the world, including countries such as Indonesia, Saudi Arabia, Egypt and the Bahamas, the DOJ said.

The Justice Department said Alstom paid more than $75 million to secure $4 billion in projects around the world. It said Alstom admitted to its criminal conduct.

The DOJ said Alstom pleaded guilty to a two-count criminal information filed in a federal court in Connecticut and that Alstom’s Swiss unit also pleaded guilty to criminal charges that it conspired to violate federal bribery laws.

Alstom’s US power and grid units each entered into deferred prosecution agreements with the DOJ and admitted to conspiring to violate bribery laws, the Justice Department said.

“We will not wait for countries to act responsibly,” Leslie R. Caldwell, assistant attorney general of the criminal division, said at a news conference.

Earlier on Monday, a unit of Alstom and two employees were also charged by the Serious Fraud Office in the United Kingdom with bribing officials from 2002 through part of 2010.

Alstom’s power turbines unit has already been under tremendous heat, both because of the looming bribery probe fines and from a drop in orders and a cash crunch.

In June, the company agreed to sell most of the power business to General Electric Co. so it could turn its attention to its smaller rail unit instead.

(REUTERS)

Date created : 2014-12-22

  • FRANCE

    French government backs GE bid for Alstom

    Read more

  • FRANCE

    Alstom’s board backs bid from General Electric

    Read more

  • FRANCE

    France secures option for major stake in Alstom

    Read more

COMMENT(S)