Alcoa in $384 million deal to settle bribery charges

Alcoa has agreed to ettle a criminal and civil bribery probe.

NEW YORK (CNNMoney)

The Securities and Exchange Commission said that its probe found that Alcoa (AA, Fortune 500) made more than $110 million in illegal payments to Bahraini officials with influence over contract negotiations between Alcoa and a major government-operated aluminum plant.

The bribes, which authorities say were done through a London-based consultant with connections to Bahrain's royal family, violate the U.S. Foreign Corrupt Practices Act.

"The law does not permit companies to avoid responsibility for foreign corruption by outsourcing bribery to their agents, and, as today's prosecution demonstrates, neither will the Department of Justice," said Acting Assistant Attorney General Mythili and Raman.

Related: Alcoa no longer in the the Dow

The Justice Department also reached a settlement with Alcoa World Alumina, a mining joint venture between Alcoa and Alumina Limited, which has agreed to plead guilty to the criminal charges.

AWA will pay $209 million in criminal fines spread over five equal payments over the next four years. It will also forfeit an additional $14 million to the Justice Department. Alcoa will be responsible for 85% of that criminal fine, and will also pay a $161 million civil fine to the SEC.

The company will take a $288 million charge against earnings for the just-completed fourth quarter. It had already taken a $103 million charge in anticipation of the fine earlier in the year.

First Published: January 9, 2014: 9:46 AM ET

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