The U.S. company General Electric has agreed to pay 23.5 million dollars to stop the charges to its subsidiaries that are bribing representatives of the authorities in Iraq to obtain contracts under the Oil for Food program, UN forward Financial Times . This has happened in the period 2000-2003. The sum of 23.5 million is composed of 18.4 million recovery of profits, 4.1 billion dollars on interest earnings and $ 1 million fine. According to the indictment of GE subsidiaries were bribed representatives of the Iraqi Health Ministry, to win contracts to supply medical equipment and systems for water purification. Agreement came only years after GE agreed to pay the other $ 50 million to resolve a dispute concerning the accounting practices of the company in 2002 and 2003. The position of General Electric is that in both cases the company has fully cooperated with the investigation. Neither last year nor now, however, of GE does not admit nor deny the allegations. During yesterday’s trading session in New York shares of General Electric rose 0.25 percent to 16.18 dollars in cash.
In extended hours trading, however, shares of the company lost 0.4 per cent of the price.

Tags: bribes, EUR USD Money, GE, General Electric, Iran

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