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A subsidiary of Alcoa Inc. pleaded guilty Thursday and, along with the parent company, will pay a total of $384 million in penalties for bribing officials in the kingdom of Bahrain through a London-based middleman.
Corporate secretary Jeffrey Heeter on Thursday pleaded guilty on behalf of Alcoa World Alumina LLC, which will pay $223 million in fines and criminal penalties for violating the anti-bribery provisions of the Foreign Corrupt Practices Act. The law governs the conduct of American businesses abroad.
Parent company Alcoa Inc. must guarantee those payments and on Thursday also agreed to a separate $161 million civil penalty for related Securities and Exchange Commission violations.
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