ABB Settles With Multiple Authorities for Its Third FCPA Strike

Fulfilling their promise at the recent ACI FCPA conference that there would be another 2022 FCPA corporate resolution, the DOJ and SEC have announced that Swiss-based global technology company ABB Ltd. has agreed to pay more than $315 million and comply with a three-year deferred prosecution agreement to resolve investigations into FCPA violations related to the bribery of a high-ranking official at South Africa’s state-owned energy company. The U.S. authorities cooperated with prosecutorial authorities in South Africa and Switzerland, who each receive a piece of the penalty, with a German action still to come. In addition, Swiss and South African ABB subsidiaries each pleaded guilty to one count of conspiracy to violate the anti-bribery provisions of the FCPA. The resolution is ABB’s third with the DOJ and the SEC dating back to 2001. This case provides a look into U.S. enforcement priorities and declarations regarding voluntary disclosure and cooperation benefits, increased focus on corporate recidivism and multilateral investigations. See our four-part series on the (first) Monaco Memo: “A Roll Back on Individuals and Cooperation” (Jan. 19, 2022); “A Shift in the Monitorship Cost/Benefit Analysis” (Feb. 2, 2022); “Considering All Prior Misconduct” (Feb. 16, 2022); and “The Corporate Crime Advisory Group” (Mar. 2, 2022).

To read the full article

Continue reading your article with an ACR subscription.