Swedish-Swiss engineering company ABB has agreed to pay ~R5.5 billion to settle US criminal charges related to irregular contracts with Eskom.Earlier this week, Switzerland fined ABB R75 million, similarly for bribery linked to the contracts it secured for Kusile power station.Swedish-Swiss industrial company ABB agreed to pay $315 million to settle US criminal charges that it bribed state-owned Eskom of South Africa over government contracts, the Department of Justice announced Friday.
In October eight people, including former Eskom CEO Matshela Koko, were arrested on corruption charges linked to the ABB work. ABB chief executive Bjorn Rosengren said the company has acted in the wake of the case by"launching a new code of conduct, educating employees and implementing an enhanced control system to prevent something similar from happening again."
_Business This is absolutely disgusting! We are paying the price for these dispicable acts of fraud!
_Business Ask Ramatotsie, he already has the deposit on his USA account. Clever little Picanini
_Business Anyone arrested?
_Business Wooow. Wait. They paid R4.1bil in SA. R5.5 bil in US. And to Swiss. They got appointed for a R2 bil contract. How much did it end up at if they have to pay that much? Who got kickbacks here and how much for that massive paybacks/fines?
_Business I think that money can be used by the USA to fix the plant in south africa then at least we will see some justice for the south African taxpayers
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