WASHINGTON (Sputnik) — The General Cable Corporation has agreed to pay a $20 million fine for unlawfully attempting to gain business in Asia and Africa by employing bribery schemes, the US Department of Justice stated in a press release on Thursday.
"General Cable Corporation, a Kentucky-based manufacturer and distributor of cable and wire, entered into a non-prosecution agreement and agreed to pay a $20 million penalty," the release stated.
Between 2002 and 2013, the company’s subsidiaries paid about $13 million to third-party sales agents and distributors, a portion of which was used to make unlawful payments to obtain business. The schemes generated General Cable more than $50 million in profits, the release noted.
In addition to the $20 million penalty, General Cable will pay $55 million in disgorgement to the US Securities and Exchange Commission.
