ABB (NYSE: ABB) agreed to pay more than $315M to settle an international investigation into the bribery of an executive at the South African power company Eskom, the United States Department of Justice said on Friday.
LARGE (FIG) bribed an Eskom executive in 2014-17 “to fraudulently obtain confidential information and win lucrative contracts,” the DoJ said.
The companies also pleaded guilty to another violation of the US Foreign Corrupt Practices Act.
The DoJ said its decision is in agreement with law enforcement authorities in South Africa and Switzerland, as well as the US SEC.
The company said in September it had set aside ~$325M to pay costs related to an investigation into the Kusile power plant in South Africa.
ABB’s ( ABB ) Q3 results included strong revenue and system growth, and the best margins seen in years, but the next 12-18 months should be tough for financial and system growth, Stephen Simpson writes in research. posted on Searching Alpha.