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On December 3, 2022, ABB Ltd. (ABB), a Swiss-based multinational technology company listed on the New York Stock Exchange with core businesses focused on electrification, automation, motion, and robotics has agreed to pay more than $315 million to resolve an investigation into violations of the Foreign Corrupt Practices Act (FCPA) arising from the bribery of a high-ranking official at Eskom Holdings SOC Limited (Eskom), a South African public utility and the largest producer of electricity in South Africa.[1]
[1] U.S. Department of Justice, ABB Agrees to Pay Over $315 Million to Resolve Coordinated Global Foreign Bribery Case, Press Rel. 22-1296, Dec. 3, 2022; In the Matter of ABB Ltd., SEC Administrative Proceeding File No. 3-21248, Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order, Dec. 3, 2022.