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Friday, May 24, 2024 | Back issues
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Alcoa Fined $384 Million|for Foreign Bribery

WASHINGTON (CN) - Alcoa will pay $384 million to settle criminal and civil bribery charges, the SEC said today.

Alcoa paid more than $110 million in bribes to Bahraini officials to keep its contract with a government-operated aluminum plant, the SEC said in its administrative cease-and-desist order and accompanying statement.

Alcoa used a London-based consultant with ties to the Bahraini royal family to deliver the bribes, according to the SEC. It disguised the bribes as commissions and sales, the SEC said.

Alcoa must disgorge $175 million in ill-gotten gains and pay a criminal fine of $209 million.

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