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MENAFN - Arab News - 07/10/2012

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(MENAFN - Arab News) Saudi Aramco is investigating a number of its staffers involved in receiving alleged bribes from the American company Tyco, according to a report by Okaz.

Peter Carr, assistant public attorney of Eastern District of Virginia, confirmed to the newspaper that a legal out-of-court settlement was reached between the US Department of Justice and Tyco's international branches including Tyco Valves Middle East.

He said that according to the agreement reached between the two parties, the US Department of Justice will not take any legal action against the company or its branches inside the United States with regard to its violation of foreign corrupt practices act.

He said the Department of Justice closed the case of 26 million paid in bribes by Tyco under an agreement signed by the department, the Securities Commission and the US stock market.

However, Tyco spokesman Brett Ludwig said Tyco voluntarily issued a statement after it discovered mistakes committed under the foreign corrupt practices act.

He said the FBI never took part in the case.
The newspaper asked Ludwig when his company informed the US government about the mistakes it discovered. He said he didn't know when exactly it was but that it was many years ago.

Hani Zuhdi, an international lawyer, told Okaz that the US law is very strict with companies in bribery cases. Any company involved in bribery with any official in a foreign country is prosecuted.

He said Aramco, which was mentioned in the case as a bribed company, couldn't be sued in the US because the latter doesn't have jurisdiction outside the US.

After the settlement, he said, Washington will inform the Saudi government about the details of the case to help Riyadh take necessary action against the people involved.

 






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