Sunday 2 August 2009

US company admits to bribery, UAE a beneficiary

A California valve company has pleaded guilty in a US federal court to paying bribes to secure contracts in dozens of countries including the UAE.

Immediately following the guilty plea, Control Components, a California subsidiary of the UK engineering and manufacturing group IMI, was ordered to pay a criminal fine of US$18.2 million (Dh66.79m) and was placed on court supervised probation for three years.

On Friday, the company pleaded guilty to violating two US laws “in a decade-long scheme to secure contracts in approximately 36 countries by paying bribes to officials and employees of various foreign state-owned companies as well as foreign and domestic private companies,” the US justice department said in a statement.

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