Reuters logo
5 years ago
Bribery costs Tyco over $26 million in U.S. penalties, lost profits
September 24, 2012 / 6:36 PM / 5 years ago

Bribery costs Tyco over $26 million in U.S. penalties, lost profits

1 Min Read

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below