Bribery costs Tyco over $26 million in U.S. penalties, lost profits
WASHINGTON (Reuters) - Tyco International Ltd (TYC.N) and a subsidiary have agreed to pay more than $26 million to resolve a case with prosecutors and regulators under a U.S. law barring foreign bribery payments, according to court documents and a news release on Monday.
The amount includes a $13.68 million penalty after a wholly owned subsidiary of Tyco - Tyco Valves & Controls Middle East Inc - pleaded guilty to conspiring to pay bribes to obtain contracts with Saudi Aramco, the U.S. Justice Department said.
That is in addition to a previously announced $13.1 million disgorgement under an agreement between Tyco and the U.S. Securities and Exchange Commission.
(Reporting by David Ingram; Editing by Gerald E. McCormick)
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