Control Bribes
According to the Department of Justice, Californina based company Control Components Inc. (CCI) pleaded guilty to violations of the Foreign Corrupt Practices Act. CCI apparently bribed officials and employees of state owned companies in 36 countries such as China, Korea, Malaysia and UAE. CCI agreed to pay a $18 million criminal fine and to set up a robust anti bribery program. It will be closely monitored by DOJ.
According to the information and plea agreement, from 1998 through 2007, CCI violated the FCPA and the Travel Act by making corrupt payments to numerous officers and employees of state-owned and privately-owned customers around the world for the purpose of obtaining or retaining business for CCI. Specifically, from 2003 through 2007, CCI paid approximately $4.9 million in bribes, in violation of the FCPA, to officials of various foreign state-owned companies and approximately $1.95 million in bribes, in violation of the Travel Act, to officers and employees of foreign and domestic privately-owned companies. The alleged corrupt payments were made to foreign officials at state-owned entities including Jiangsu Nuclear Power Corp. (China), Guohua Electric Power (China), China Petroleum Materials and Equipment Corp., PetroChina, Dongfang Electric Corporation (China), China National Offshore Oil Corporation, Korea Hydro and Nuclear Power, Petronas (Malaysia) and National Petroleum Construction Company (United Arab Emirates).
That is quite an interesting list of foreign companies. Also interesting: so far no news on prosecution or investigations on the receiving side of the bribes. All quiet on the Far Eastern front?
