Summary French power and transportation company has agreed to pay USD 772 million in penalties to the US
WASHINGTON: (AP) - A French power and transportation company has agreed to pay $772 million in penalties to the U.S. to resolve allegations that it bribed government officials in multiple foreign countries for lucrative projects, the Justice Department said Monday.
Federal prosecutors said Alstom SA funneled tens of millions of dollars in bribes, often through middlemen with code names, for help in obtaining more than $4 billion in projects in countries including Indonesia, Saudi Arabia, Egypt and the Bahamas.
"Alstom s corruption scheme was sustained over more than a decade and across several continents," Deputy Attorney James Cole said at a news conference. "It was astonishing in its breadth, its brazenness, and its worldwide consequences."
Justice Department officials said the company was pleading guilty Monday to violating the Foreign Corrupt Practices Act. The plea was being entered in federal court in Connecticut, where one of the company s U.S. subsidiaries, Alstom Power Inc., is located.
The Justice Department says five individuals, including four executives of Alstom and its subsidiaries, have already been charged in connection with bribery-related schemes.
In a statement, Alstom said it had improved its compliance practices and was looking to move past the allegations.
"There were a number of problems in the past and we deeply regret that," said Alstom chief executive Patrick Kron. "However, this resolution with the (Justice Department) allows Alstom to put this issue behind us and to continue our efforts to ensure that business is conducted in a responsible way, consistent with the highest ethical standards."
