WASHINGTON Dec 29 General Cable Corp has agreed to pay a $20 million penalty to resolve a U.S. investigation into improper payments to government officials in five countries in Asia and Africa, the Justice Department said on Thursday.
"General Cable paid bribes to officials in multiple countries in a scheme that involved a high-level executive of the company and resulted in profits of more than $50 million worldwide," Assistant Attorney General Leslie Caldwell said in a statement.
Caldwell said the Kentucky-based maker and distributor of wire and cable voluntarily disclosed the misconduct, which involved officials in Angola, Bangladesh, China, Indonesia and Thailand.
(Reporting by Doina Chiacu; Editing by Chizu Nomiyama)
Allianz expects loss of around $224 million from sale of OLB
FRANKFURT, June 25 German insurer Allianz expects to book a loss of around 200 million euros ($224 million) from the sale of private bank Oldenburgische Landesbank to U.S. private equity firm Apollo, it said on Sunday.