AP News

Tyco paying $26.9M, pleads guilty in bribery cases


WASHINGTON (AP) — Tyco International Ltd. has agreed to pay nearly $27 million to settle U.S. charges that it bribed officials at government-owned companies in more than a dozen countries.

The Switzerland-based manufacturing conglomerate will pay $13.7 million and pleaded guilty to a criminal charge, the Justice Department said Monday. As part of the settlement, Tyco won't be prosecuted if it continues to improve its internal controls to prevent bribery.

Tyco also agreed to pay about $13.2 million in restitution and interest to resolve civil charges with the Securities and Exchange Commission.

The company made illegal payments from 2000 to 2009 to win business in China, France, Thailand and other nations, U.S. authorities said. Tyco discovered the violations through its own review, which was required by a 2006 settlement with the SEC.

Tyco, which makes products used in security, fire protection and energy, operates in the U.S. and about 60 other countries.

Brett Ludwig, a Tyco spokesman, said the company is pleased to have resolved the matter. "We're committed to maintaining our rigorous compliance programs across all business activities," he said.


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus