ABB discloses possible bribery
Suspect payments detected in one country in the Middle East
Posted: 12 February 2006
 Send this article
 Print this article
ABB, the world's largest maker of power and automation networks has admitted to the US authorities that it made payments in several countries that might have violated US anti-bribery laws.
ABB said on Thursday that it has voluntarily disclosed to the U.S. Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) details of suspect payments in a country in the Middle East.
The payments made by company subsidiaries in a number of countries were discovered by ABB as a result of the company’s internal compliance reviews. The payments may be in violation of the Foreign Corrupt Practices Act (FCPA) or other applicable laws. The consequences for ABB could include penalties, other costs and business-related impact.
ABB is cooperating on these issues with the relevant authorities, and is continuing its internal investigations and compliance reviews, the company said in a statement.
Fred Kindle, ABB President and CEO, said: "Proper business conduct is the hallmark of a sound organization. It is the only way to build a sustainable business, as well as being a legal necessity. At ABB we have a zero tolerance policy and respond to any breaches of compliance. The reported incidents are regrettable and are a further reason why we need to increase our efforts to improve performance in this respect."
Posted by Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
