Wednesday, February 08, 2006

ABB admits it may have broken bribery laws


Who is at fault, the company, the executives or both? Will it be a classic and usual case of the company finding an oficial to blame and disowning any responsibility?

The company's systems and behaviours need to be investigated to ensure that they were ot just talking about doing right but they had the systems in place to ensure that the law was being followed.

Onésimo Alvarez-Moro

See article:
ABB said on Wednesday that it had made suspect payments in at least one Middle Eastern country that may have violated anti-corruption laws in the US.

Shares in the Swiss-Swedish engineering group fell about 2 per cent after the company said that the payments were discovered as a result of an internal compliance review and that it had voluntarily disclosed the information this week to the US Department of Justice and the US Securities and Exchange Commission.

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