Alstom to pay £494m in bribery case

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Published: Monday 22nd December 2014 by The News Editor

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A French power and transportation company has agreed to pay 772 million dollars (£494 million) in penalties to the US to resolve allegations that it bribed government officials in multiple foreign countries.

US justice department officials announced that Alstom would plead guilty to violating the Foreign Corrupt Practices Act.

Prosecutors say the company and several subsidiaries falsified books and paid tens of millions of dollars in bribes for contracts for power, grid and transportation projects. Authorities say the bribes were paid in countries including Egypt, Indonesia and Saudi Arabia.

The guilty plea was being entered in federal court in Connecticut, where a US subsidiary 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.

Published: Monday 22nd December 2014 by The News Editor

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