ABB Units Charged With Violating U.S. Bribery Law
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Units of ABB Ltd., the world’s biggest electricity-networks builder, were charged by the U.S. with conspiracy and violating the Foreign Corrupt Practices Act.
ABB and its co-conspirators made “concealed, corrupt payments” from 1997 to 2005 to officials at Comision Federal de Electricidad, an electric utility owned by Mexico, “in exchange for improper business advantages to ABB Inc. and ABB NM, including the award of contracts,” prosecutors said in documents filed today in Houston federal court. The U.S. anti-bribery law bars companies from paying foreign officials to gain a business advantage.