GE to Pay $23.4M to Settle SEC Complaint in Foreign-Bribes Case

On July 27, 2010, the Washington Post reported, “General Electric agreed Tuesday to pay $23.4 million to settle a Securities and Exchange Commission complaint that GE bribed Iraqi government officials to win contracts to supply medical and water purification equipment under the U.N. Oil for Food program.

“The SEC alleges that two GE subsidiaries and two companies the conglomerate later acquired paid $3.6 million in kickbacks to the Iraqi Health Ministry and Iraqi Oil Ministry for valuable contracts. The bribes, which are illegal under the Foreign Corrupt Practices Act, came in the form of cash, computer equipment, medical supplies and services, the SEC said.”

More: http://www.washingtonpost.com/wp-dyn/content/article/2010/07/27/AR2010072705050.html?hpid=topnews

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