US Companies to cough Up ₹1,600 Cr for bribing Indian Railways & HAL: Report

New Delhi: Three US-based companies accused of bribing Indian public-owned entities have decided to settle the matter of impropriety with monumentally hefty fines, media reports have claimed.

According to reports, these companies have decided to cough up a penalty amounting to about USD 200 million, or around Rs 1,600 crore.

The three companies involved in the matter are aerospace company Moog Inc., along with tech and solutions giant, led by Larry Ellison, Oracle, and Albemarle Corporation, a major chemical-making company.

These companies were accused of bribing state-owned corporations including Indian Railways, Defence company Hindustan Aeronautics Limited (HAL), and petrochemical major Indian Oil Corporation (IOC).

The public bodies who detected these aberrations include the US Department of Justice, the US Security Exchange Commission. These fines were paid to the United States Treasury Department.

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