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11-01-14

Alcoa to pay USD384m settlement to bribery charges

(MENAFN) Alcoa Inc has agreed to pay USD384 million to settle civil and criminal charges that the company's subsidiaries bribed officials in Bahrain, Arabian Business reported. The US Securities and Exchange Commission said Alcoa's subsidiaries bribed Bahraini officials to retain the right to supply government-controlled Aluminium Bahrain. Co-director of the SEC's enforcement division said: "As the beneficiary of a long-running bribery scheme perpetrated by a closely controlled subsidiary, Alcoa is liable and must be held responsible."