Alcoa to pay $384m to settle bribery charges
Washington, January 9, 2014
Alcoa has agreed to pay $384 million to settle charges by the US Securities and Exchange Commission and the US Department of Justice that its subsidiaries bribed foreign government officials, the agencies said on Thursday.
The SEC said Alcoa's subsidiaries had "repeatedly" bribed officials in Bahrain to retain the right to supply an aluminum plant.
Alcoa had said previously that it was in settlement talks with the authorities. It settled a related civil lawsuit with Aluminum Bahrain (Alba) in 2012.
The Department of Justice settlement is with Alcoa World Alumina, part of a joint venture with Australia's Alumina Limited. Alcoa owns 60 percent of the joint venture.
Alcoa will make payments over four years. The company and its joint venture were charged under the Foreign Corrupt Practices Act. - Reuters