United Technologies Corp. to Pay $14M in Bribery Probe

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The U.S. Securities and Exchange Commission announced that Connecticut-based United Technologies Corp. ( UTX ) will pay $13.9 million to resolve charges that it violated the Foreign Corrupt Practices Act by making illicit payments in its elevator and aircraft engine businesses.

According to the SEC’s order, United Technologies subsidiary Otis Elevator Co. made unlawful payments to Azerbaijani officials to facilitate the sales of elevator equipment for public housing in Baku and as part of a kickback scheme to sell elevators in China.

The order also found that United Technologies, through its joint venture, made payments to a Chinese sales agent in a bid to obtain confidential information from a Chinese official that would help the company win engine sales to a Chinese state-owned airline. The SEC’s order also found that United Technologies improperly provided trips and gifts to various foreign officials in China, Kuwait, South Korea, Pakistan, Thailand, and Indonesia through its Pratt & Whitney division and Otis subsidiary in order to obtain business.

Read the original article here: nasdaq.com


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