Swiss engineering group ABB fined $4.3 million | Jobs Vox


ZURICH, Dec 2 (Reuters) – (The caption on the photo in this Dec 2 story has been corrected to remove extraneous wording)

Swiss engineering and technology group ABB (ABBN.S) has been fined 4 million Swiss francs ($4.3 million) by the country’s attorney general in a bribery case in South Africa.

The attorney general’s office said on Friday that ABB was fined for “not making all necessary and appropriate organizational provisions to prevent the payment of bribes to foreign officials in South Africa”.

ABB and South Africa’s National Prosecuting Authority (NPA) reached an agreement this week that the company will pay compensation for its involvement in state corruption, the crime agency said on Thursday.

The NPA statement said the company agreed to pay 2.5 billion rand ($144.51 million) as punitive damages to South Africa within 60 days from December 1.

This is in addition to the 1.6 billion rand ($92.48 million) the company paid back in 2020 to South African state electricity utility Eskom.

In June 2022, ABB was found guilty of improper payments and other compliance issues at the Kusile power station following an extensive state corruption investigation.

Reporting by Noel Illien Editing by David Goodman

Our Standards: The Thomson Reuters Trust Principles.


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