Alcoa to pay $384M in foreign corrupt practices case

The Securities and Exchange Commission charged aluminum giant Alcoa on Thursday with violating the Foreign Corrupt Practices Act.

In a statement, the SEC said Alcoa’s “subsidiaries repeatedly paid bribes to government officials in Bahrain to maintain a key source of business.”

Alcoa agreed pay a total of $384 million to settle the SEC charges and a separate case announced Thursday by the Justice Department.

In that case, an Alcoa subsidiary is pleading guilty to one count of violating the anti-bribery provisions of the act, Alcoa said in a statement.

“There is no allegation in the filings by the DOJ and there is no finding by the SEC that anyone at Alcoa Inc. knowingly engaged in the conduct at issue,” the statement said.

Alcoa’s stock was down Thursday. (Click here for the latest price.)

By CNBC.com

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