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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into ABB's Activities with Unaoil · ABB Ltd.

Information & Summary

Investigation into ABB's Activities with Unaoil

Related FCPA Matter:   ABB's Involvement with Unaoil Information

Information & Summary

Investigation Name:    Investigation into ABB's Activities with Unaoil

Trend:    Unaoil

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:   

  • U.K. Serious Fraud Office

Whistleblower:    Unknown

Summary

ABB Ltd. was a Swiss corporation headquartered in Zurich, Switzerland. ABB was a global provider of power and automation products and services that operated through hundreds of subsidiaries worldwide. ABB's American Depositary Shares were registered with the SEC since April 4, 2001, and traded on the New York Stock Exchange.

ABB announced that as a result of an internal investigation, it self-reported to the SEC, DOJ, and SFO that in its past dealings with Unaoil, that company and its subsidiaries may have made improper payments to third parties. The SFO subsequently commenced an investigation.

According to its 6-K filed on July 22, 2020, ABB reported that the SFO had closed its investigation in May.

According to its 20-F filed on February 24, 2023, the DOJ closed its investigation with respect to the possible Unaoil misconduct with out any further action in December 2022 at the same time that it brought charges in connection with the South African misconduct.

Though it is not conclusively known whether the SEC opened an independent investigation into the company, ABB also entered into a settlement with the SEC in December 2022 for the South African misconduct, so it is possible that any investigation with resect to Unaoil was also closed at the time. However, ABB's February 2023 20-F does not specifically mention the existence or closing of an SEC investigation, so it remains possible that an SEC investigation remains open and ongoing. The Clearinghouse will continue to monitor ABB's filings for any updates.

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