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Alcoa Inc resolves Alba matter with U.S. government


Thursday, 9 Jan 2014 04:31pm EST 

Alcoa Inc:Says the resolution of the investigations by the U.S. Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC) regarding certain legacy alumina contracts with Aluminium Bahrain B.S.C. (Alba).Says the settlement with the DOJ was reached with Alcoa World Alumina LLC (AWA).Says AWA is a company within Alcoa World Alumina and Chemicals (AWAC), the unincorporated bauxite mining and alumina refining venture between Alcoa Inc. and Alumina Limited.Says as part of the DOJ resolution, subject to final court approval later today, AWA will pay a total of $223 mln, including a fine of $209 mln payable in five equal installments over four years.Says the first installment of $41.8 mln, plus a one-time administrative forfeiture of $14 mln, will be paid in the first quarter of 2014, and the remaining installments of $41.8 mln each will be paid in the first quarters of 2015-2018.Says the $223 mln amount is within the range previously disclosed by Alcoa Inc. Says during the second quarter of 2013, Alcoa recorded a $103 mln charge for the DOJ investigation.Says it also settled civil charges filed by the SEC in an administrative proceeding relating to the anti-bribery, internal controls, and books and records provisions of the FCPA.Says under the terms of the settlement with the SEC, Alcoa Inc. agreed to a settlement amount of $175 mln, but will be given credit for the $14 mln one-time forfeiture payment. 

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17.37
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25 Nov 2014