Switzerland-Based Firm To Pay $315-M To Settle Bribery Case

ABB Ltd., a Switzerland-based technology company listed on the New York Stock Exchange engaged in electrification, automation motion and robotics has agreed to pay more than $315 million to resolve an investigation into violations of the Foreign Corrupt Practices Act (FCPA) stemming from the bribery of a high-ranking official at South Africa’s state-owned energy company.

Photo Insert: ABB Ltd. is a Switzerland-based technology company listed on the New York Stock Exchange.

The Department of Justice’s resolution is coordinated with prosecutorial authorities in South Africa and Switzerland, as well as the US Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI) reported.

“This is the department’s first coordinated resolution with authorities in South Africa, where much of ABB’s criminal scheme was carried out, reflecting our commitment to relationship-building and our ever-deepening partnerships in the global fight against corruption,” said Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division.

“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.

In addition, our partners in South Africa have brought corruption charges against that official.

This resolution demonstrates the Criminal Division’s thoughtful approach to appropriately balancing ABB’s extensive remediation, timely and full cooperation, and demonstrated intent to bring the misconduct to the department’s attention promptly upon discovering it, while also accounting for ABB’s historical misconduct, FBI disclosed.

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