This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-25680679

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Alcoa and joint venture partner to pay $384m in Bahrain bribery case Alcoa and joint venture partner to pay $384m in Bahrain bribery case
(about 3 hours later)
A joint venture partner of the aluminium giant Alcoa will pay $384m (£234m) to settle charges with the US Department of Justice (DoJ) for its part in a bribery scheme. The aluminium giant Alcoa and a joint venture partner will pay $384m (£234m) to settle a bribery investigation by US authorities.
The DoJ said Alcoa World Alumina (AWA) had admitted its involvement in a "corrupt international underworld". The Department of Justice (DoJ) said Alcoa World Alumina (AWA) had admitted its involvement in a "corrupt international underworld".
AWA pleaded guilty to bribing officials in Bahrain through a middleman in London.AWA pleaded guilty to bribing officials in Bahrain through a middleman in London.
The bribes occurred between 2004 and 2009, and amounted to $9.5m.The bribes occurred between 2004 and 2009, and amounted to $9.5m.
There were two settlements to come out of the US, a criminal case, for $223m, against AWA , and a civil case, for $161m, against Alcoa.There were two settlements to come out of the US, a criminal case, for $223m, against AWA , and a civil case, for $161m, against Alcoa.
Acting assistant attorney general Mythili Raman said: "Alcoa World Alumina admits to its involvement in a corrupt international underworld in which a middleman, secretly held offshore bank accounts, and shell companies were used to funnel bribes to government officials in order to secure business."Acting assistant attorney general Mythili Raman said: "Alcoa World Alumina admits to its involvement in a corrupt international underworld in which a middleman, secretly held offshore bank accounts, and shell companies were used to funnel bribes to government officials in order to secure business."
The DoJ said it also paid bribes to secure business at the request of "members of Bahrain's royal family".The DoJ said it also paid bribes to secure business at the request of "members of Bahrain's royal family".
Case 'ongoing'
Alcoa initially said the allegations amounted to no more than a "series of guesses and overdrawn inferences", but later acknowledged the problem.Alcoa initially said the allegations amounted to no more than a "series of guesses and overdrawn inferences", but later acknowledged the problem.
However, it pointed out that the DoJ is bringing no case against Alcoa itself.However, it pointed out that the DoJ is bringing no case against Alcoa itself.
"There is no allegation in the filings by the DOJ [against Alcoa], and there is no finding by the SEC that anyone at Alcoa knowingly engaged in the conduct at issue," the company said in a statement."There is no allegation in the filings by the DOJ [against Alcoa], and there is no finding by the SEC that anyone at Alcoa knowingly engaged in the conduct at issue," the company said in a statement.
Case 'ongoing'
US attorney David Hickton said that although the case relating to the company's responsibility was over, the investigation would continue.US attorney David Hickton said that although the case relating to the company's responsibility was over, the investigation would continue.
He said the London middleman involved had not been charged, despite being mentioned in prosecutors' communications, as the investigation involves thousands of documents and foreign bank accounts in Switzerland, Luxembourg, Guernsey and Australia.He said the London middleman involved had not been charged, despite being mentioned in prosecutors' communications, as the investigation involves thousands of documents and foreign bank accounts in Switzerland, Luxembourg, Guernsey and Australia.
"The investigation with respect to individuals and other entities is still ongoing," he said."The investigation with respect to individuals and other entities is still ongoing," he said.
Mr Hickton said Alcoa had cooperated with investigators and put in place a corporate compliance program to prevent corruption in the future.Mr Hickton said Alcoa had cooperated with investigators and put in place a corporate compliance program to prevent corruption in the future.