Allianz Paying $12.4M To Settle U.S. Bribery Charges

Associated Press

WASHINGTON -- German insurer Allianz SE has agreed to pay about $12.4 million to settle U.S. civil charges of bribing Indonesian officials to win insurance contracts on big government projects.

The Securities and Exchange Commission announced the settlement Monday with Allianz. The SEC said Allianz's subsidiary in Indonesia made improper payments totaling $650,626 to obtain 295 insurance contracts, providing the company some $5.3 million in profits. The violations occurred from 2001 to 2008, the agency said.

The charges were brought under the Foreign Corrupt Practices Act, which bars companies from bribing officials in other countries to get or retain business.

Munich-based Allianz neither admitted nor denied wrongdoing but agreed to refrain from future violations.

Allianz said in a statement that in recent years it has improved its controls against corruption.

Copyright: (c) 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Wordcount: 130


  More Life Insurance News

More Life Insurance News >>
  Most Popular Life Insurance News

More Popular Life Insurance News >>
Hot Off the Wires  Hot off the Wires

More Hot News >>

insider icon Denotes premium content. Learn more about becoming an Insider here.
Ultimate IUL Client Presentations