Tyco International Ltd agreed to pay $26.8 million to resolve U.S. charges that it paid bribes to officials of foreign governments and misreported such payments, in violation of the Foreign Corrupt Practices Act.
A Tyco subsidiary in the Middle East, Tyco Valves & Controls Middle East Inc, also pleaded guilty on Monday and admitted it paid bribes to officials employed by the state-controlled oil and gas company in Saudi Arabia in order to obtain contracts with it.
The Justice Department's criminal division entered into a non-prosecution agreement with Tyco International, which agreed to pay a $13.68 million penalty to the department. Tyco also agreed to pay $13.1 million in returned profits and interest to the Securities and Exchange Commission.
"Tyco's subsidiaries operating in Asia and the Middle East saw illicit payment schemes as a typical way of doing business in some countries, and the company illicitly reaped substantial financial benefits as a result," Scott
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