US Foreign Corrupt Practices Act Violations
In December 2010, Alcatel-Lucent agreed to pay a total settlement of $137 million for bribing officials in Costa Rica, Honduras, Malaysia and Taiwan in violation of the US Foreign Corrupt Practices Act (FCPA). The US Securities and Exchange Commission (SEC) alleged that Alcatel retained consultants to funnel bribes of over $8 million to government officials in order to obtain and retain lucrative telecommunications contracts. Alcatel admitted that it made profits of approximately $48 million as a result of the bribes and was ordered to pay $45 million to settle charges with the SEC and a further $92 million to settle the criminal charges brought by the US Department of Justice (DOJ).
Read more about this topic: Alcatel
Famous quotes containing the words foreign, corrupt, practices, act and/or violations:
“For my name and memory I leave it to men’s charitable speeches, and to foreign nations, and the next ages.”
—Francis Bacon (1561–1626)
“Manners are of more importance than laws.... Manners are what vex or soothe, corrupt or purify, exalt or debase, barbarize or refine us, by a constant, steady, uniform, insensible operation, like that of the air we breathe in.”
—Edmund Burke (1729–1797)
“Money made through dishonest practices will not last long.”
—Chinese proverb.
“By act of Congress, male officers are gentlemen, but by act of God, we are ladies. We don’t have to be little mini-men and try to be masculine and use obscene language to come across. I can take you and flip you on the floor and put your arms behind your back and you’ll never move again, without your ever knowing that I can do it.”
—Sherian Grace Cadoria (b. 1940)
“There is no end to the violations committed by children on children, quietly talking alone.”
—Elizabeth Bowen (1899–1973)