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Aluminum Bahrain gains on settling multi-million dollar fraud suit with Alcoa
- Bahrain: Wednesday, October 10 - 2012 at 17:09
The Bahrain All-Share Index ended up 0.20% at 1,063.92 points. Shares of Aluminum Bahrain or Alba added 1.24% to hit BD0.49. Earlier in the day Alba said settled a $447m fraud suit filed against U. S. based aluminum giant, Alcoa, in the United States District Court for the Western District of Pennsylvania. "This momentous achievement is the first case brought by a foreign business in a U.S. court, to recover losses resulting from alleged corrupt activity by corporations and individuals in the United States and elsewhere," Alba said in an e-mailed statement. The investigations were carried out by the US Department of Justice under the Foreign Corrupt Practices Act, which continued throughout the last four years since the case was filed on February 28th, 2008. They reported that Alba paid out $420m in inflated prices for operations between 1997 and 2009. "This is a remarkable achievement for any corporation to win against an industrial heavyweight for a multi-million dollar settlement," Alba added.
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Gérard Al-Fil, Financial JournalistWednesday, October 10 - 2012 at 17:09 UAE local time (GMT+4)
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