General Cable to pay $20 mn to settle bribery charges

PUBLISHED: Fri, 30 Dec 2016 08:25:01 GMT

General Cable Corp, a Kentucky-based wire manufacturer, agreed to pay a $20 million penalty to resolve allegations that it had bribed officials in Angola, Bangladesh and China, the U.S. Justice Department said on Thursday.

The company admitted its executives knew outside agents bribed officials in order to win business, according to the agreement signed with the U.S. Justice Department. The company also agreed to surrender $51 million in profits it made from the schemes.

The company did not immediately respond to a request for comment.

The Justice Department said it agreed to a more lenient penalty with General Cable because the company voluntarily came forward and disclosed the misconduct to authorities.

Over the past year, the Justice Department has encouraged companies to come forward about bribery allegations by offering lighter penalties if they fully cooperate.

General Cable “voluntarily self-disclosed this misconduct to the government, fully cooperated and remediated,” said Assistant Attorney General Leslie Caldwell. “This resolution demonstrates the very real upside to coming in and cooperating with federal prosecutors and investigators.”

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.