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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 in South Africa re: Eskom · ABB Ltd.

Information & Summary

Investigation into ABB's Activities in South Africa re: Eskom

Related FCPA Matter:   ABB's Involvement in South Africa between 2014 and 2017 Information

Information & Summary

Investigation Name:    Investigation into ABB's Activities in South Africa re: Eskom

Trend:    None

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:   

  • South African National Prosecuting Authority
  • South African Special Investigating Unit
  • Swiss Attorney General's 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.

In its 20-F filed on March 28, 2019, ABB disclosed that during an internal investigation, the company had discovered potential suspect payments and other compliance concerns in connection with some of the Company’s dealings with Eskom, a South African public electricity utility, and related persons. ABB self-reported the findings to the SEC and DOJ, as well as various authorities in South Africa and other countries and to certain unnamed multilateral financial institutions. The company further disclosed that many of those parties expressed an interest in, or commenced an investigation into, the matters and that it was cooperating fully with them.

In its 6-K filed on October 23, 2020, ABB clarified that the South African agencies investigating the possible misconduct included the Special Investigating Unit and the National Prosecuting Authority.

In its subsequent 6-K filed on February 4, 2021, ABB disclosed that the company had paid $104 million to Eskom in December 2020 as part of a settlement with the Special Investigating Unit.

On December 2, 2022, ABB announced that it had reached a global settlement with the DOJ, SEC, National Director of Public Prosecution in South Africa, and the Office of the Attorney General of Switzerland to resolve the investigation.

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