Defendant Name:
ALCOA INC.
Defendant Type:
Public Company
Document Reference:
2014-3
Document Details
Legal Case Name
In the matter of Alcoa Inc.
Document Name
SEC Charges Alcoa With FCPA Violations
Document Date
09-Jan-2014
Document Format
Administrative Proceeding
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On January 9, 2014, the SEC announced that it charged global aluminum producer Alcoa Inc. ("Alcoa") with violating the Foreign Corrupt Practices Act when its subsidiaries repeatedly paid bribes to government officials in Bahrain to maintain a key source of business. An SEC investigation found that more than $110 million in corrupt payments were made to Bahraini officials with influence over contract negotiations between Alcoa and a major government-operated aluminum plant. According to the SEC's order instituting settled administrative proceedings, Alcoa lacked sufficient internal controls to prevent and detect the bribes, which were improperly recorded in Alcoa's books and records as legitimate commissions or sales to a distributor.
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
