GE To Pay $23.5M To Settle SEC Oil-For-Food Claims

Law360, New York (July 27, 2010, 3:19 PM EDT) -- General Electric Co. will pay $23.5 million to settle U.S. Securities and Exchange Commission allegations that it bribed Iraqi agencies to win contracts under the United Nations Oil-for-Food program.

The SEC alleged that two GE subsidiaries and two companies GE has since acquired gave Iraq's health and oil ministries $3.59 million in cash, computers, medical supplies and services in exchange for contracts.

GE agreed to settle the allegations Tuesday, the same day the SEC filed its complaint in the U.S. District Court for District of Columbia....
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