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Tyco to pay $26.8 million in U.S. foreign bribery case

Sep 25 2012 Aruna Viswanatha, Reuters

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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