ABB Agreed to Pay More Than $315 Million in Global Foreign-Bribery Resolution
Company: ABB Ltd
Summary
In December 2022, Swiss-based ABB Ltd agreed to pay more than $315 million to resolve a coordinated U.S. foreign-bribery investigation arising from bribery of a high-ranking official at South Africa's state-owned energy company Eskom. ABB subsidiaries in Switzerland and South Africa pleaded guilty to bribery conspiracy. The U.S. resolution was coordinated with authorities in South Africa and Switzerland and the SEC. DOJ described the conduct as an FCPA bribery scheme connected with obtaining business at the Kusile power plant. Source: U.S. Department of Justice https://www.justice.gov/archives/opa/pr/abb-agrees-pay-over-315-million-resolve-coordinated-global-foreign-bribery-case