English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

Record U.S. fine for corruption

WASHINGTON, DC: November 16, 2015. Alstom, the French power and transportation company, is to pay a record $772,290,000 fine to resolve criminal charges relating to at least $75 million in bribes to government officials in Indonesia, Saudi Arabia, Egypt, the Bahamas and Taiwan.

Alstom and several subsidiaries pleaded guilty last year to violating the U.S. Foreign Corrupt Practices Act (FCPA) by bribing government officials to secure more than US$4 billion in transport and power contracts that netted the companies a total of US$300 million in profits.

In Indonesia, Alstom bribed a high-ranking member of the Indonesian Parliament and high-ranking members of Perusahaan Listrik Negara, the state-owned electricity company, to secure contracts valued at approximately US$375 million.alstom rail

The various companies also attempted to conceal their bribes by using consultants who were refered to as "Mr. Geneva," "Mr. Paris," "London," "Quiet Man" and "Old Friend."

According to the U.S. Department of Justice (DoJ), the sentence reflects Alstom's failure to voluntarily disclose the behavior of its employees; a refusal to fully cooperate with the investigation for several years; the breadth of its misconduct; prior criminal behavior and a lack of an effective compliance and ethics program.

To date, the DoJ has charged four Alstom executives including Frederic Pierucci, former vice president of global boiler sales; David Rothschild and William Pomponi, former vice presidents of regional sales; and Lawrence Hoskins, Alstom's former senior vice president for the Asia region who is awaiting trial next year. Earlier this year Asem Elgawhary, general manager of an organization working for the Egyptian Electricity Holding Company, was sentenced to 42 months in prison and fined US$5.2 million.

On November 02 Alstom completed the sale of its power generation business to GE for approximately €12.4 billion and announced it is "entirely refocused on rail transport".

 

News

Written on 20/10/2017, 20:31
cma-cgm-members-add-intra-asia-capacitySINGAPORE: October 20, 2017. CMA CGM Group subsidiaries APL and Cheng Lie Navigation (CNC) have launched a new Korea China Straits (KCS) box service...
Written on 19/10/2017, 21:13
britain-requires-new-aviation-strategy-with-or-without-brexitLONDON: October 18, 2017. The Manchester Airports Group (MAG), owner of Manchester, London Stansted and the airfreight-focused East Midlands Airport, has...
Written on 18/10/2017, 20:06
airlines-increase-support-for-endangered-speciesDOHA: October 18, 2017. Qatar Airways has joined Airlines for America, Delta, Emirates, IATA, Kenya Airways and United in the USAID Reducing Opportunities...
Written on 17/10/2017, 20:05
britain-should-remain-in-the-eu-says-oecdLONDON: October 17, 2017. In its latest survey of the UK economy the OECD says the positive impact on growth "would be significant should Britain remain...
Written on 15/10/2017, 19:28
africa-gdp-growth-of-3-7-percent-in-2018ABIDJAN, Côte d'Ivoire: October 12, 2017. According to a new forecast from the African Development Bank (ADB), the continent's GDP is expected to grow 3.0...
Written on 13/10/2017, 16:16
biofuels-no-alternative-to-hydrocarbons-claimLONDON: October 12, 2017. As the U.N. International Civil Aviation Organisation (ICAO) held its second conference on alternative aviation fuels this week,...
Written on 11/10/2017, 19:41
delta-pre-tax-hit-by-hurricaneATLANTA: October 11, 2017. Delta Air Lines has reported a 5.5 percent increase in third quarter 2017 (Q3) revenue to US$11.06 billion and a net profit of...
Written on 10/10/2017, 20:53
lebanon-gets-new-access-to-export-marketsTRIPOLI, Lebanon: October 10, 2017. CMA CGM has added Tripoli to its Beirut, Lebanon call on a weekly basis in a bid to link exporters in North Lebanon to...
Written on 10/10/2017, 17:34
new-russian-arrival-in-hong-kongHONG KONG: October 10, 2017. Moscow-based carrier Aviastar-Tu has begun flying a Tu-204C freighter from Novosibirsk to Hong Kong on behalf of Russia...
Written on 09/10/2017, 18:20
jetblue-launches-aid-program-for-puerto-ricoNEW YORK: October 08, 2017. JetBlue, which normally operates 53 daily flights from three airports in Puerto Rico to the U.S Mainland, has launched a...
Written on 06/10/2017, 20:34
puerto-rico-begins-to-restore-essential-servicesSAN JUAN, PR: October 06, 2017. The American Maritime Partnership (AMP), representing 450 companies specializing in U.S. cabotage routes, says its members...
Written on 05/10/2017, 22:10
saudi-arabia-tops-equestrian-event-at-asian-gamesASHGABAT, Turkmenistan: October 03, 2017. President of Turkmenistan Gurbanguly Berdimuhamedov brought the 5th Asian Indoor and Martial Arts Games in...
Written on 28/09/2017, 19:43
jd-com-to-deploy-one-million-dronesBEIJING: September 25, 2017. JD X, the innovation lab for e-commerce company JD.com, has partnered with U.S. gaming technology company NVIDIA to add AI to...
Written on 28/09/2017, 18:29
port-of-rotterdam-to-develop-blockchain-solutionsROTTERDAM: September 25, 2017. The Port of Rotterdam Authority and the Rotterdam Municipality have launched 'BlockLab' to develop applications and...
Written on 27/09/2017, 15:48
alibaba-to-invest-us-16-billion-in-logisticsHANGZHOU: September 26, 2017. The Alibaba Group is spending US$807 million to raise its stake in affiliate Cainiao Smart Logistics Network from 47...
Written on 26/09/2017, 19:30
technology-tops-most-valuable-brand-listNEW YORK: September 25, 2017. Apple, Google and Microsoft are the world's three most valuable brands according to Interbrand's latest ranking of 100 best...
Written on 26/09/2017, 17:55
unilever-remains-top-of-european-supply-chainsSTAMFORD, CT: September 25, 2017. Gartner's latest European Supply Chain Top 15 ranks Unilever No.1 for the second year running with Inditex taking second...
Written on 22/09/2017, 18:52
air-and-sea-aid-response-to-irma-and-mariaTORTOLA: September 22, 2017. With Hurricane Maria causing structural damage and power outages as it passes the Turks & Caicos islands, Royal Navy...
Written on 22/09/2017, 14:44
turkish-airlines-to-order-40-dreamlinersNEW YORK: September 21, 2017. Boeing and the Turkish government plan to develop Turkey's aerospace industry with the launch of a National Aerospace...
Written on 21/09/2017, 21:28
fedex-q1-results-hit-by-tnt-cyberattackMEMPHIS/MIAMI: September 20, 2017. FedEx Corporation has reported adjusted first quarter (Q1) revenue of US$15.3 billion, up from US$14.7 billion...

- powered by Quickchilli.com -