United Technologies paid $13.9 million fine for bribery case
United Technologies Corp was fined $13.9 million for violating Foreign Corrupt Practices Act, the company was charged for making illegal payments in its elevator and aircraft engine businesses, the securities and exchange commission of United States said on Wednesday WSJ reported.
United Technologies subsidiary Otis Elevator Co reportedly made illicit payments to Azerbaijani officials in order to pave the way for selling elevator equipment for public housing in Baku and also a kickback scheme to sell elevators in China, the SEC said.
According to the details United Technologies was also blamed for making illegal payments to Chinese officials through its joint venture in order to get hands on confidential information that would help the company to win engine sales to Chinese state-owned airline.
In SEC report the United Technologies was also involved in offering gifts and trips for foreign officials in China, Pakistan, South Korea, Kuwait, Indonesia, and Thailand via its Otis Subsidiary and Pratt & Whitney division in order to get benefits and business from these officials.
However, United Technologies neither admitted nor denied the allegations and paid 13.9 million to resolve the issue. The company’s official said in a statement, “The company was pleased to reach a final resolution with the SEC, and that it has taken steps—including employee terminations, internal control enhancements, and training programs—“to reinforce that UTC is committed to doing business the right way.”
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