Defendant Name: ABB Ltd

Defendant Type: Public Company
SIC Code: 3613
CUSIP: 00037520

Initial Case Details

Legal Case Name In the Matter of ABB Ltd.
First Document Date 03-Dec-2022
Initial Filing Format Administrative Action
File Number 3-21248
Allegation Type Foreign Corrupt Practices Act

Violations Alleged

Exchange Act
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
• Sec 30A

Resolutions

First Resolution Date 03-Dec-2022

Related Documents:

34-96444 03-Dec-2022 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On December 3, 2022, the SEC instituted settled cease-and-desist proceedings against ABB Ltd., stating: "This matter concerns violations of the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act of 1977 (“FCPA”) by Respondent, as a result of bribes paid to a South African government official in connection with obtaining a contract worth approximately $160 million. The scheme occurred from March 2015 through December 2017, and involved ABB executives at its Swiss headquarters and German and South African subsidiaries who used complicit third-party service providers to funnel payments to the South African official who awarded ABB the contract."
2022-214 03-Dec-2022 Press Release--Administrative Proceeding
ABB Settles SEC Charges That It Engaged in Bribery Scheme in South Africa
The SEC "announced charges against global electrification and automation technology company, ABB Ltd, for violations of the Foreign Corrupt Practices Act (FCPA) arising out of a bribery scheme in South Africa. The company has agreed to pay a $75 million civil penalty to settle the SEC’s charges."