An Interesting Disclosure
In late 2014, Alstom and related entities resolved a $772 million DOJ FCPA enforcement action.
The enforcement action concerned conduct in several countries including Saudi Arabia in which the DOJ alleged improper conduct (generally between 1999 and 2002) in connection with Alstom bids for power projects with Saudi Electric Company (“SEC”), Saudi Arabia’s state-owned and state-controlled electricity company, and its predecessor entities.
In 2015, General Electric acquired Alstom’s power and grid businesses.
In 2024, GE Vernova spun-off from GE and began trading as an independent company on the New York Stock Exchange.
Recently, GE Vernova made an interesting disclosure regarding the conduct from 20 plus years ago.