Sign in to comment!

Menu
Home

Crime & Courts

Justice Department: Alcoa subsidiary to plead guilty, pay $223M penalty for Bahrain bribery

The Justice Department says a sales subsidiary of Alcoa Inc. will plead guilty and pay $223 million in penalties for paying bribes to the Middle Eastern Kingdom of Bahrain through a London-based middleman.

Alcoa released a statement confirming the guilty plea by Alcoa World Alumina LLC.

The subsidiary's officials will plead guilty in Pittsburgh on Thursday to violating the anti-bribery provisions of the Foreign Corrupt Practices Act. Alcoa says it is not being charged in the case and continues to cooperate with the investigation.

The criminal charges are related to a lawsuit filed by Aluminum Bahrain BSC, also known as Alba.

Alba contends Alcoa affiliates controlled by London billionaire businessman Victor Dahdaleh bribed Bahrain officials and Alba executives, resulting in Alba overpaying $420 million for raw materials from 1997 to 2009.

Dahdaleh's attorneys didn't immediately return messages.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.07% -- 4.07%  
15 Y Fixed Graph 3.13% up 3.09%  
30 Y Fixed Jumbo Graph 4.19% up 4.14%  
5/1 ARM Graph 3.22% up 3.08%  
5/1 Jumbo ARM Graph 3.50% up 3.49%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.32% -- 4.32%  
$50K HELOC Graph 3.99% -- 3.99%  
$30K Loan Graph 5.00% up 4.99%  
$50K Loan Graph 4.36% -- 4.36%  
$75K Loan Graph 4.36% -- 4.36%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.83% dw 2.85%  
36 M Used Graph 3.36% dw 3.38%  
48 M New Graph 3.15% dw 3.16%  
48 M Used Graph 3.00% -- 3.00%  
60 M New Graph 3.17% dw 3.18%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% up 0.38%  
1 yr Graph 0.70% -- 0.70%  
5 yr Graph 1.50% -- 1.50%