US targets Lucent Technologies in Saudi bribery probe

menareport ^

[chance33_98]

US targets Lucent Technologies in Saudi bribery probe

Two US federal agencies have launched an investigation into the business activities of telecom developer Lucent Technologies in Saudi Arabia. The US-based company has been accused of bribing a Saudi official with offerings valued at $15 million in exchange for business opportunities with the Saudi Telecommunications Company (STC).

The company’s possible violation of US bribery laws were addressed in a civil lawsuit filed by the National Group for Communications and Computers, a US-based provider of internet services in the Kingdom. The US Securities and Exchange Commission and the Department of Justice are investigating whether Lucent violated the Foreign Corrupt Practices Act. Lucent has denied the allegations.

Filed on August 8, 2003, the lawsuit alleges that Lucent and Swiss firm ACEC disbursed over $15 million in bribes between 1995 and 2003 to the former Saudi Minister of Post Telephone and Telegraph Ali Al-Johani, reported AP. The payments supposedly paid for medical expenses, private jet trips and luxury hotel stays in the United States.

In addition, National Group also claims that Lucent was given permission to end a contract it had signed with the firm, costing it more that $63 million in losses. The complaint seeks damages of up to three times this amount.

Lucent Technologies designs and delivers systems, software, silicon and services for next-generation communications networks for service providers and enterprises. The company has a multi-national workforce of 2,200 in Saudi Arabia, approximately 30 percent of whom are Saudi engineers, technical and administrative management and non-management staff. — (menareport.com)

[Tijeras_Slim]

Who would'a thought something like this would have happened in the 90's?

[mrtysmm]

Is this the reason Lucent is in deep doo-doo? Stocks have nose dived from the 80's and 90's to a mere $1.00...something. Layoffs, transfers and talk of completely going under in the next few months. Again...the employees and stock holders have been robbed!

[martin_fierro]

"Bribery" in Arabic: Baksheesh

"Bribery" in Mexico: La Mordida

"Bribery" in Chicago: Vote for Daley

Hey, it's only Monday. I need to warm up.

[blackdog]

Sort of like Abscam going 180 degrees huh? Corporations really need to do some ethical housecleaning. The Clinton Commerce MO was readily embraced by private industry. Why do you think the stock market ran up so high? Bribe anyone to gain anything and produce nothing on 401K cash. Just make sure you announce the contracts at a press conference and fax them to stock analysts. In the end the contracts are worthless. All the money to be made was done in the front end. It's we the public sucking the tail.

[banjo joe]

How many bribes campaign contribs were paid to members on con-gress?