PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: ABB Robotics / ABB Ltd

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

ABB Resolves Foreign Corrupt Practices Act Issues and Will Pay A Total of $58.3 Million - ABB announced settlements of anti-bribery investigations conducted by the U.S. Department of Justice (”DOJ”) and the U.S. Securities and Exchange Commission (“SEC”)
ABB Resolves Foreign Corrupt Practices Act Issues and Will Pay A Total of $58.3 Million

 

NewswireToday - /newswire/ - Zurich, Switzerland, 2010/09/30 - ABB announced settlements of anti-bribery investigations conducted by the U.S. Department of Justice (”DOJ”) and the U.S. Securities and Exchange Commission (“SEC”). NYSE: ABB

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

ABB Ltd and ABB, Inc. will pay a total of $58.3 million in disgorgement, prejudgment interest and penalties to the DOJ and the SEC to resolve charges arising from payments related to projects in Mexico.

ABB Ltd initiated these matters in a voluntary disclosure to the DOJ and SEC beginning in 2005. This settlement also covers the Oil for Food program investigation in which ABB cooperated. The charges involved ABB Inc.’s Network Management business unit in Sugar Land, Texas performing contracts in Mexico from 1997 to 2005 and certain subsidiaries performing contracts under the U.N. Oil for Food program in Iraq from 2000-2004. The payments related to the resolution of these matters will have no additional impact on ABB’s EBIT and net income.

ABB Inc. pled guilty to one count of conspiracy to violate the anti-bribery provisions of the U.S. Foreign Corrupt Practices Act (“FCPA”) and one count of violating the anti-bribery provision of the FCPA. ABB Ltd has agreed to a deferred prosecution agreement, which includes provisions related to the involvement of a subsidiary in Jordan in the Oil for Food program. In the related SEC proceeding, ABB Ltd settled civil charges of FCPA bribery, books and records, and internal controls violations based on the conduct of the Sugar Land business unit and the conduct of certain subsidiaries participating in the Oil for Food program.

ABB has cooperated fully with the DOJ and SEC and has put in place a global comprehensive compliance and integrity program the DOJ has said “may become a benchmark for the industry.” In lieu of an external compliance monitor, the DOJ and SEC have agreed to allow ABB to report on its continuing compliance efforts and the results of the review of its internal processes for a three-year period going forward. The DOJ settlement expressly recognizes ABB’s “extraordinary cooperation” and “extensive investigation.”

Diane de Saint Victor, General Counsel ABB said: “We are pleased to announce today that the DOJ and SEC FCPA investigations of the matters included in our disclosures since 2005 are behind us. ABB is committed to fostering a culture where integrity is woven into the fabric of everything we do. We want integrity embedded in our people, our businesses and processes. This means acting responsibly as individuals and as a company. We regularly evaluate our culture of integrity, and will continue raising the bar relentlessly.”

ABB (abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 117,000 people.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: ABB Robotics / ABB Ltd

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Manufacturing/Robotics articles,
CATCH Visitors via Your Competitors Announcements!


ABB Resolves Foreign Corrupt Practices Act Issues and Will Pay A Total of $58.3 Million

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

ABB |
Publisher Contact: Thomas Schmidt / Wolfram Eberhardt 
+41 43 317 6568 media.relations[.]ch.abb.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any ABB Robotics / ABB Ltd securities in any jurisdiction including any other companies listed or named in this release.

Manufacturing/Robotics via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From ABB Robotics / ABB Ltd / Company Profile


Read Manufacturing/Robotics Most Recent Related Newswires:

PPG Coatings Create Showpiece Finish for Carrington Livery
METTLER TOLEDO Launches New Melting Point Excellence Instruments MP55 and MP80
Frost & Sullivan Applauds Borealis’ Dedicated Efforts to Enhance its Healthcare Brand and Sustainable Growth
PPG to Highlight Automotive Coatings At 2017 NAIAS
Voith Receives Order for BillerudKorsnäs 550.000 T/y Board Machine in Gruvön, Sweden
PPG Completes Acquisition of Romanian Paint and Coatings Manufacturer DEUTEK
SWEP Introduces New High-efficiency Single-circuit Evaporator and Condenser
ITT BIW Connector Systems Introduces Tri-Lok™ Ultra Packer Penetrator for the Upstream Oil and Gas Market
European Construction Chemicals Market Leverages Local Presence and Customised Solutions to Expand Finds Frost & Sullivan
Nexans Secures Around € 300 Million Contract to Supply LV Cables for Infrastructure Projects in Qatar through its QICC JV with Al Mirqab Capital
PPG Reaches Agreement with Knauf for Sale of Plaka Plasterboard Business
Leonardo-Finmeccanica Publishes Financial Calendar 2017
Dunn-Edwards Paints Signs Merger Agreement with Nippon Paint
International Trade Commission Issues Final Determination That Umicore Infringes BASF and Argonne National Laboratory Patents
Nexans to Connect Continents to Bring High Speed Broadband to West Africa

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  JobsWare.com

Visit  NAKIVO, Inc.





 
  ©2017 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)