GE to pay $23 mil­lion to set­tle com­plaint

Austin American-Statesman - - WEDNESDAY BRIEFING -

Gen­eral Elec­tric agreed 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.

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