Saudi Aramco probes Tyco bribery

Oct. 16, 2012 at 9:42 AM

RIYADH, Saudi Arabia, Oct. 16 (UPI) -- Saudi Aramco announced it was undertaking an extensive review of potential business misconduct following a bribery case in the United States.

Last month, Tyco International Ltd. said it would pay more than $26 million to settle charges filed by the U.S. Justice Department that it bribed officials at the Saudi Arabian Oil Co., among others.

Saudi Aramco, in a statement, said it wasn't aware that Tyco was under U.S. investigation until the Department of Justice issued a press release on the case Sept. 24.

The company added the employee suspected of taking bribes from Tyco was a technical specialist, not an official in a managerial position.

Khalid al-Falih, the top executive at Saudi Aramco, said his company is conducting a comprehensive review to confirm there were no other incidents of misconduct with Tyco or its subsidiaries in the past.

"Saudi Aramco condemns unethical business practices and takes allegations of impropriety very seriously," he said in a statement. "I want to assure our stakeholders that we have a zero-tolerance policy towards unethical business practices."

He said it was unfortunate that the actions of one individual tarnished the reputation of his company.

Tyco provided no update on the case.

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