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Tyco is paying $26 million to settle charges it operated “illicit payment schemes” around the globe, the SEC said Monday.Tyco’s improper payments won it $10.5 million in business in violation of the Foreign Corrupt Practices Act, according to the SEC.
“Tyco’s subsidiaries … saw illicit payment schemes as a typical way of doing business in some countries, and the company illicitly reaped substantial benefits as a result,” Scott Friestad, acting director of the SEC’s enforcement division, said in a statement.
The most profitable scheme was in Germany, where Tyco subsidiaries bribed government officials and recorded those payments as “commissions,” according to the SEC.
A Tyco representative did not immediately respond to a request for comment Monday.
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