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.
_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?