Alcoa Subsidiary Pleads Guilty To Bahrain Bribery
PITTSBURGH (AP) -- A subsidiary of Alcoa Inc. has pleaded guilty and the company will pay $384 million for paying bribes to the Middle Eastern Kingdom of Bahrain through a London-based middleman.
The corporate secretary for Alcoa World Alumina LLC pleaded guilty on behalf of the company on Thursday in federal court in Pittsburgh.
The company acknowledged violating the anti-bribery provisions of the Foreign Corrupt Practices Act. Parent company Alcoa says it's not being charged and continues to cooperate with the investigation.
The criminal charges are related to a lawsuit filed by Aluminum Bahrain BSC, also known as Alba.
Alba contends Alcoa affiliates bribed Bahrain officials and Alba executives, resulting in Alba overpaying for raw materials.
Alcoa will pay $223 million in criminal penalties. Separately, it settled civil allegations filed by the Securities and Exchange Commission and pay it $164 million.