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General Electric pays $23 million to settle Iraq bribery charges
July 28, 2010
US industrial titan General Electric has agreed to pay over 23 million dollars to settle allegations that it bribed Iraqi officials, a US financial watchdog said on Tuesday.
GE had been accused by the Securities and Exchange Commission of being part of “a 3.6 million dollar kickback scheme with Iraqi government agencies to win contracts to supply medical equipment and water purification equipment.”
Four subsidiaries of the Connecticut-based company were accused of bribing officials at the Iraqi ministries of health and oil, trading cash, computer equipment and medical supplies to win lucrative contracts.
The SEC said the four GE units — two of which were not part of the firm when the alleged bribery took place — earned around 18.4 million dollars as a direct result of the kickbacks.
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