NEW YORK--(BUSINESS WIRE)-- The following is a statement by Kroll Advisory Solutions:
Aluminium Bahrain, B.S.C. (“Alba”) announced that it has settled its racketeering and fraud suit against Alcoa Inc. in the United States District Court for the Western District of Pennsylvania for $447 million.
Kroll was retained by Alba in 2006 to conduct a broad-based fraud review of the company’s operations which uncovered the original evidence of alleged impropriety. Working with Mark MacDougall of the international law firm Akin Gump, the Kroll team assembled the evidence which formed the basis of the civil claims and quantified the alleged losses.
In its complaint, Alba alleges that the defendants made unlawful payments to officials in Bahrain in order to obtain long-term contract and pricing advantages in the sale of raw materials. At the request of the U.S. Department of Justice, the RICO case was stayed for nearly four years to allow for a parallel investigation under the Foreign Corrupt Practices Act to proceed.
“The settlement marks a milestone in Alba’s five-year effort to recover losses resulting from alleged corrupt payments,” said Tommy Helsby, Chairman of Kroll Advisory Solutions Eurasia.
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Kroll Advisory Solutions, the global leader in risk mitigation and response, delivers a wide range of solutions that span investigations, due diligence, compliance, cyber security and physical security. Clients partner with Kroll Advisory Solutions for the highest-value intelligence and insight to drive the most confident decisions about protecting their companies, assets and people.
Kroll Advisory Solutions is recognized for its expertise, with 40 years of experience meeting the demands of dynamic businesses and their environments around the world. Headquartered in New York with offices in 29 cities across 17 countries, Kroll Advisory Solutions has a multidisciplinary team of 700 employees.
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Kroll Advisory Solutions
Amy Malsin, 212-833-3363
Source: Kroll Advisory Solutions