(MENAFN) The US Securities and Exchange Commission (SEC) stated that it has reached a deal with Germany's Allianz SE to pay nearly USD12.4 million to resolve US civil charges, reported AP.
The SEC said that the charges were related to bribing Indonesian officials to obtain insurance contracts on big government projects.
It added that between 2001-2008, Allianz' Indonesian subsidiary made improper payments totaling USD650,626 to win 295 insurance contracts, providing the firm with profits of around USD5.3 million.
Allianz, which neither admitted nor denied illegal behavior, said that it has enhanced its controls against corruption in recent years.
It is worth noting that the charges were brought under the Foreign Corrupt Practices Act, which forbids firms from bribing officials in other nations to get or maintain business.
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