Swiss ABB to pay over U$315 million to resolve bribery case

Swiss engineering and technology group ABB agreed to pay more than $315 million to resolve an investigation into a bribery case at a South African state-owned energy company, the U.S. Justice Department said on Friday.

The Justice Department said its resolution was coordinated with prosecutorial authorities in South Africa and Switzerland, as well as the U.S. Securities and Exchange Commission (SEC).

ABB subsidiaries also pleaded guilty to one count of conspiracy to violate the anti-bribery provisions of the U.S. Foreign Corrupt Practices Act (FCPA), the Justice Department said in a statement.

ABB was investigated for and found guilty of improper payments and other compliance issues at the Kusile power station, in a wide-scale investigation into state corruption concluded in June 2022.

"ABB bribed a high-ranking official at South Africa's state-owned energy company in order to corruptly obtain confidential information and win lucrative contracts," the Justice Department added.

ABB and South Africa's National Prosecuting Authority (NPA) also reached an agreement that the company will pay reparations for its involvement in state corruption, the crime agency said on Thursday.