ABB agrees to pay $315 million to settle US criminal charges over South African bribes to gain contracts
ABB
The Department of Justice (DOJ) on Friday (Dec 2) announced that ABB has agreed to pay $315 million to settle US criminal charges for bribing state-owned Eskom of South Africa to get government contracts.
The Justice Department said, "ABB bribed a high-ranking official at South Africa's state-owned energy company in order to corruptly obtain confidential information and win lucrative contracts."
The bribes were discovered to be given between 2014-2017 when ABB, the Swedish-swiss industrial companyused a few of its subsidiaries.
ABB subsidiaries pleaded guilty to one count of conspiracy for violating the anti-bribery provisions of the US Foreign Corrupt Practices Act (FCPA), Reuters reported.
The Swedish firm was under a wide-scale state investigation and was found guilty of its improper payments and a few other compliance issues at the Kusile power station.
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ABB and South Africa's National Prosecuting Authority (NPA) also reached an agreement where the company will be paying reparation for its involvement in state corruption.
In September, ABB announced that it will put aside a provision of nearly $325 million to cover the expenses associated with the investigations into the Kusile power project in South Africa.
(with inputs from agencies)
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