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Alcoa subsidiary pleads guilty

on January 10, 2014 10:30 AM

PITTSBURGH (AP) — A subsidiary of Alcoa Inc. has pleaded guilty and along with the parent company will pay $384 million for paying bribes to the kingdom of Bahrain through a London-based middleman.

The corporate secretary for Alcoa World Alumina LLC pleaded guilty on behalf of the company on Thursday in federal court in Pittsburgh.

The company acknowledged violating the anti-bribery provisions of the Foreign Corrupt Practices Act.

The parent company isn’t being charged and is cooperating with the investigation.

The criminal charges are related to a lawsuit filed by Aluminum Bahrain BSC, also known as Alba.

Alba contends Alcoa affiliates bribed Bahrain officials and Alba executives, resulting in Alba overpaying for raw materials.

Alcoa World Alumina will pay $223 million in criminal penalties. Separately, Alcoa Inc. settled Securities and Exchange Commission violations and will pay $161 million.

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