Swiss ABB received a fine of more than 4 million
2022.12.05 08:08
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Swiss ABB received a fine of more than 4 million
Budrigannews.com – In connection with a bribery case in South Africa, the Swiss engineering and technology company ABB was assessed a fine of 4.3 million Swiss francs.
“Not having taken all necessary and reasonable organizational provisions in order to prevent bribery payments to foreign officials in South Africa,” the Attorney General’s office said on Friday.
The crime agency said on Thursday that ABB and the National Prosecuting Authority (NPA) of South Africa came to an agreement this week that the company will pay compensation for its role in state corruption.
According to the NPA’s statement, the company agreed to pay South Africa 2.5 billion rand (144.51 million dollars) in punitive damages within 60 days of Dec. 1.
This is notwithstanding 1.6 billion rand ($92.48 million) the organization repaid to South African state power utility Eskom in 2020.
Following the conclusion of a large-scale investigation into state corruption in June 2022, ABB was found guilty of making improper payments as well as other violations of compliance at the Kusile power station.
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