In late September, the U.S. Securities and Exchange Commission (the “SEC”) charged Zurich, Switzerland-based ABB with various violations of the FCPA. The SEC’s complaint says that an ABB subsidiary bribed Mexican officials to secure business with two governmentowned electric utilities. The bribes were made in the form of cash, checks, wire transfers and a Mediterranean cruise for utility officials and their wives. The SEC says the bribes secured contracts worth more than $90 million (USD).

In addition, the SEC charged that ABB paid kickbacks to Iraqi officials to obtain contracts under the United Nations Oil for Food Program, generating $13.5 million (USD) in revenues.

ABB has agreed to pay $39.3 million (USD) to settle the charges. In a separate settlement with the DOJ, ABB agreed to pay an additional $19 million (USD) in criminal penalties.