Tyco to Pay $26 Million to Resolve Bribery Cases

U.S. charges involve bribes to officials of companies including Saudi Aramco.

Tyco International Ltd. agreed to pay more than $26 million to resolve U.S. charges that it bribed officials of companies including Saudi Aramco to win contracts.

Tyco Valves & Controls Middle East Inc., a subsidiary of Schaffhausen, Switzerland-based Tyco, agreed to pay $13.7 million as part of a guilty plea entered today before U.S. District Judge Claude Hilton in Alexandria, Virginia, for conspiring to violate the anti-bribery provisions of the Foreign Corrupt Practices Act, the U.S. Justice Department said in a statement.

Voluntary Disclosure

The plea agreement acknowledged that Tyco had voluntarily disclosed the payments, conducted its own investigation, fired employees involved and closed some subsidiaries.

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