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Alstom near bribery settlement with US Justice Dept

Alstom near bribery settlement with US Justice Dept
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French firm Alstom has confirmed it is talking with the US Department of Justice on the terms of settling a major bribery case.

The power turbine and train-making group will reportedly pay 700 million dollars (561 million euros). That would be the largest ever criminal fine ever levied by the United States for foreign bribery.

Alstom was accused of giving millions to Indonesian officials as well as well as paying bribes India and China

A settlement of the criminal investigation needs to be reached before Alstom can sell its power business to General Electric.

A $700 million penalty would be significantly higher than the $450 million Siemens paid in 2008 for criminal violations of the Foreign Corrupt Practices Act, a 1970s law that bars US-linked companies from bribing officials of foreign governments to win business.