Switzerland fines engineering giant R75m over South African bribery | Business

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Swedish-Swiss engineering giant ABB has been fined four million Swiss francs over bribery linked to the construction of a huge power plant in South Africa, Switzerland announced on Friday. | News24_Business

Swedish-Swiss engineering giant ABB has been fined four million Swiss francs over bribery linked to the construction of a huge power plant in South Africa, Switzerland announced on Friday.

"Various ABB employees set up from 2013 on a bribery scheme in order to obtain orders, through excessive payments to subcontractors, for the construction of a coal-fired power plant in South Africa," the attorney general's office said. "ABB South Africa received orders for a value of at least $200 million with bribery payments of at least 1.3 million Swiss francs," the attorney general's office said.

The firm has already made a compensation payment of $104 million in South Africa, the attorney general's office said.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.

 

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_Business The money is in the pockets of thieves in Goverment of South Africa. You will get it there for repayment. LOL

CoruscaKhaya _Business Bribery is a two way relationship. Those they bribed should be very afraid.

_Business They kept us busy with 'state capture' narative while professional thieves were dealing with the loot. 😡

_Business Which ANC politician got the sugar?

LeboMokwena _Business And these fines are kept out of South Africa?

_Business They too deserve a ban from operating in RSA.

_Business And took those bribes?

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