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General Cable fined $20 million penalty in Asia, Africa schemes -U.S.
December 29, 2016 / 4:34 PM / a year ago

General Cable fined $20 million penalty in Asia, Africa schemes -U.S.

WASHINGTON, Dec 29 (Reuters) - 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

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