US prosecutors have charged six former executives of a valve company based in California with bribing officials at overseas energy firms, including an oil equipment company in Abu Dhabi which is owned by the government.
Federal prosecutors said executives at Control Components paid a total of US$4.9 million (Dh17.9m) in bribes to officials at foreign firms to convince them to buy their equipment. US law bars the nation’s businesses from bribing officials at home or overseas.
Prosecutors alleged that officials at the National Petroleum Construction Company (NPCC), an oil equipment firm that is majority-owned by the Abu Dhabi Government’s General Holding Corporation, received bribes from Control Components from 1998 to 2007.
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