GE settles with SEC over Iraq oil-for-food kickbacks
By APTuesday, July 27, 2010
Summary Box: GE settles with SEC
THE CHARGES: The SEC says General Electric Co. subsidiaries paid kickbacks to Iraqi ministries between 2000 and 2003 in return for contracts to supply medical and water equipment.
THE PAYOFF: The subsidiaries allegedly gave cash and goods worth $3.6 million to the Iraqi government in return for 18 contracts. The deals were made as part of the United Nations’ oil-for-food program, which was meant to provide humanitarian aid to Iraq.
THE SETTLEMENT: GE agreed to pay $23.4 million to settle the case, but doesn’t admit wrongdoing. It also said that most of the alleged kickbacks took place before GE owned the subsidiaries.
YOUR VIEW POINT
