Switzerland-based automation and controls provider ABB today announced that it has pled guilty to violating the United States’ Foreign Corrupt Practices Act and will pay more than $58 million in restitution.
The settlement marks the end of investigations by the U.S. Department of Justice and the Securities and Exchange Commission (SEC) into the actions of various units of ABB’s Network Management business, which specializes in networked energy management software for utility companies.
ABB pled guilty to one count of violating the anti-bribery provision of the Foreign Corrupt Practices Act, as well as one count of conspiracy to violate the same. It also settled civil charges related to the Foreign Corrupt Practices Act.
The investigations focused on two fronts: ABB’s efforts from 1997 to 2005 to win contracts from Mexican power companies, and its efforts from 2000 to 2004 to curry favor with officials of Iraq’s electric authority in exchange for business deals.