Officials of Indian PSUs like BHEL and NTPC appear to be the beneficiaries of bribes that were doled out by a California-based valve company to bag lucrative contracts, mostly for tools used in the construction of power plants.
Prominent among these Indian companies are Bharat Heavy Electricals Ltd, Maharashtra State Electricity Board, Haryana State Electricity Board, National Thermal Power Corporation and Bhilai Electric, according to documents submitted by the US Department of Justice before a US court.
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According to court documents, the CCI -- in two installments on November 6, 2006 and January 9, 2009 -- made a total payment of USD 69,012 to BHEL and MSEB.
BHEL officials are reported to be the beneficiaries in several other instances, but most of the amounts are less than USD 5,000.
In 2007, officials of the Bhilai Electricals are believed to have received USD 8,600, while those of HSEB received USD 15,802 through a transaction on July 7, 2007.
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more at:
http://economictimes.indiatimes.com/Corporate-Trends/articleshow/6137694.cms
Wednesday, July 7, 2010
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