General Cable Corp wire manufacturer self disclosed misconduct in business to authorities


Finally, the company agreed to pay a $20 million penalty to settle the Justice Department’s bribery allegations. Separately, General Cable agreed to pay $6.5 million to settle a related U.S. Securities and Exchange Commission investigation. They also agreed to surrender $51 million in profits it made from the schemes. General Cable said in a statement that it had cooperated with U.S. authorities and voluntarily disclosed the issues knowing that based on the U.S. Foreign Corrupt Practices Act it is a crime for companies to bribe overseas officials to win business. The Justice Department said it agreed to a more lenient penalty with General Cable because the company came forward and disclosed the misconduct to authorities. Over the past year, the Justice Department has encouraged companies to disclose bribery allegations.


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