Defendant Name:
ABB Ltd
Defendant Type:
Public Company
SIC Code:
3613
CUSIP:
00037520
Document Reference:
34-96444
Document Details
Legal Case Name
In the Matter of ABB Ltd.
Document Name
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
Document Date
03-Dec-2022
Document Format
Administrative Proceeding
Allegation Type
Foreign Corrupt Practices Act
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$58,000,000.00
Shared:
Civil Penalty
Individual:
$75,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$14,554,267.00
Shared:
