| |
ABB REPORTS IRREGULARITIES AT US SOFTWARE UNIT
19 April 2005 - ABB (Power Technologies)
| ABB said today it has made a voluntary disclosure to the U.S. Department of Justice and the Securities and Exchange Commission of certain suspect payments amounting to some $560,000 made by employees of ABB network management, a specialized US-based subsidiary. |
ABB said today it has made a voluntary disclosure to the U.S. Department of Justice and the Securities and Exchange Commission of certain suspect payments amounting to some $560,000 made by employees of ABB network management, a specialized US-based subsidiary. The suspect payments became apparent during an internal investigation following the dismissal of two managers from the company in mid-2004. The payments were made to intermediaries in Latin America and in the Middle East in connection with the company's business, which is control software for utility customers. Fred Kindle, President and CEO of ABB, commenting on the disclosure said: 'We have a zero tolerance policy on compliance and business ethics issues, take action quickly and report fully to underline our commitment to transparency and proper business conduct. Our enhanced compliance procedures helped us identify and address this issue.' Based in Sugarland, Texas, the company was acquired in January 1999, and employs about 150 people. As is common practice in such cases, ABB will continue its investigation and compliance review of this business. ABB intends to cooperate fully with the DoJ and SEC review of this matter.
http://abb.com/uk
About: ABB (Power Technologies)
ABB is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impacts. ABB in the UK operates from more than 20 locations nationally and employs around 2,500 people. The ABB Group of companies operates in around 100 countries and employs about 105,000 people.Power Technologies
The Power Technologies division serves industrial and commercial customers, as well as electric, gas and water utilities, with a broad range of products, services and solutions for power transmission and distribution. The portfolio includes transformers, switchgear, breakers, capacitors and cables, as well as high- and medium-voltage applications, many of which are also sold through external channel partners like distributors, system integrators, contractors and original equipment manufacturers. Automation Technologies
The Automation Technologies division serves the automotive, building, chemicals, consumer, electronics, life sciences, manufacturing, marine, metals, minerals, paper, petroleum, transportation, turbocharging and utility industries. Key technologies include control, drives, enterprise software, instrumentation, low-voltage products, motors, robots and turbochargers. These offerings are supported by field maintenance and asset management services, and are sold both directly and through channel partners.
|
More News:
• For April 2005
• From ABB (Power Technologies)
• For Generators
|
