The Securities and Exchange Commission settled its case against subsidiaries of Swiss engineering company ABB Ltd. for allegedly violating the Foreign Corrupt Practices Act.
Earlier, in two Justice Department criminal information documents filed in the Southern District of Texas federal court, prosecutors had alleged ABB Inc., a Sugar Land, Texas-based unit, and ABB LTD-Jordan, based in Amman, conspired to pay bribes to obtain business. Criminal information papers are usually filed in cases where plea agreements are expected.
In its settlement document, the SEC alleges that ABB’s subsidiaries made at least $2.7 million in illicit payments to receive $100 million in contracts. The company agreed to pay a $39.3 million to settle the SEC charges without admitting or denying guilt.
