Switzerland fines engineering giant R75m over South African bribery | Business

Swedish-Swiss engineering giant ABB has been fined four million Swiss francs over bribery linked to the construction of a huge power plant in South Africa, Switzerland announced on Friday. | News24_Business

Swedish-Swiss engineering giant ABB has been fined four million Swiss francs over bribery linked to the construction of a huge power plant in South Africa, Switzerland announced on Friday.

"Various ABB employees set up from 2013 on a bribery scheme in order to obtain orders, through excessive payments to subcontractors, for the construction of a coal-fired power plant in South Africa," the attorney general's office said. "ABB South Africa received orders for a value of at least $200 million with bribery payments of at least 1.3 million Swiss francs," the attorney general's office said.

The firm has already made a compensation payment of $104 million in South Africa, the attorney general's office said.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.

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