Arab Today, arab today us fines alstom record 772m in bribery case
Last Updated : GMT 16:05:04
Arab Today, arab today
Arab Today, arab today

US fines Alstom record $772m in bribery case

Arab Today, arab today

Arab Today, arab today US fines Alstom record $772m in bribery case

Alstom
Washington - AFP

French industrial giant Alstom will plead guilty and pay a record $772.3 million penalty in a wide-ranging foreign bribery case, the US Justice Department announced Monday.
Alstom admitted to bribing officials to win power and transportation projects from state-owned entities around the world, including the Bahamas, Egypt, Indonesia, Saudi Arabia and Taiwan.
In total, Alstom paid more than $75 million in bribes to secure $4 billion in projects around the world with a profit of approximately $300 million, US prosecutors said.
"Alstom's corruption scheme was sustained over more than a decade and across several continents," said Deputy Attorney General James Cole.
"It was astounding in its breadth, its brazenness and its worldwide consequences."
The fine, if approved by a US court, would be the highest ever for foreign bribery under the US Foreign Corrupt Practices Act.
Justice said the penalty reflected Alstom's failure to voluntarily disclose the conduct, its refusal to cooperate with Justice's probe for several years, the breadth of the misconduct, the lack of an effective compliance program and its history of prior criminal conduct.
Under the settlement, the charges will be dismissed after three years if Alstom fulfills its obligations under the deferred prosecution agreement.
"There were a number of problems in the past and we deeply regret that," said Alstom chief executive Patrick Kron.
"However, this resolution with the DOJ allows Alstom to put this issue behind us and to continue our efforts to ensure that business is conducted in a responsible way, consistent with the highest ethical standards."
Alstom said it had stopped employing consultants to work with its commercial teams. It also hired a monitor to oversee its compliance efforts.
The penalty comes as General Electric nears the completion of a deal to buy most of Alstom's energy assets for 12.4 billion euros ($15.5 billion).
Alstom said its agreement with GE requires that none of the fine can be passed onto the US company.
"We had considered the DOJ investigation and its potential liabilities in our due diligence," said a GE spokesman.
"We're happy Alstom has resolved the issue. As Alstom has stated, the plea agreement does not materially change the overall economics of the deal."
On Friday, Alstom's shareholders overwhelmingly approved the agreement with GE.
The deal is expected to close in the middle of 2015.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us fines alstom record 772m in bribery case Arab Today, arab today us fines alstom record 772m in bribery case

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us fines alstom record 772m in bribery case Arab Today, arab today us fines alstom record 772m in bribery case

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday