Tags: Alcoa | Foreign | Bribe | Charges

Alcoa to Pay $384 Million to Settle Bribery Charges

Thursday, 09 Jan 2014 10:02 AM

 

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Alcoa Inc. has agreed to pay $384 million to settle charges by the U.S. Securities and Exchange Commission and the U.S. 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 a government-operated aluminum plant.

Alcoa had said previously that it was in settlement talks with the authorities. It settled a related civil lawsuit with Aluminum Bahrain, or Alba, in 2012.

The Department of Justice settlement is with Alcoa World Alumina LLC, 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.

Shares of Alcoa rose 6 cents to $10.89 in early trading.

© 2014 Thomson/Reuters. All rights reserved.

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