The Securities and Exchange Commission on Tuesday reached a $23.4 million settlement with General Electric over charges the company violated the Foreign Corrupt Practices Act. GE, along with two subsidiaries and two other companies that have since been acquired by GE, allegedly made illegal kickbacks totaling $3.6 million in the form of cash, computer equipment, medical supplies and services to the Iraqi Health Ministry or the Iraqi Oil Ministry in order to obtain contracts under the U.N. Oil for Food Program.
General Electric Settles Iraq Bribery Case With SEC
The National Law Journal
July 28, 2010