US Company Agrees to Pay $20Mln Penalty for Bribery in Asia, Africa

General Cable Corporation agreed to pay a hefty fine for using underhanded tactics in attempts to further its interests in Asia and Africa.

WASHINGTON (Sputnik) — The General Cable Corporation has agreed to pay a $20 million fine for unlawfully attempting to gain business in Asia and Africa by employing bribery schemes, the US Department of Justice stated in a press release on Thursday.

"General Cable Corporation, a Kentucky-based manufacturer and distributor of cable and wire, entered into a non-prosecution agreement and agreed to pay a $20 million penalty," the release stated.

The company made improper payments to government officials in Angola, Bangladesh, China, Indonesia and Thailand to gain business in violation of the US Foreign Corrupt Practices Act, the release noted.

Between 2002 and 2013, the company’s subsidiaries paid about $13 million to third-party sales agents and distributors, a portion of which was used to make unlawful payments to obtain business. The schemes generated General Cable more than $50 million in profits, the release noted.

In addition to the $20 million penalty, General Cable will pay $55 million in disgorgement to the US Securities and Exchange Commission.