The U.S. Department of Justice (DOJ) has closed its foreign bribery investigation into Allianz SE without bringing charges, according to Reuters.
The investigation centered on a whistleblower’s allegations that the company violated the Foreign Corrupt Practices Act (FCPA) while selling its insurance products in Indonesia. The act forbids U.S.-linked companies from paying bribes to foreign government officials. As Allianz no longer trades on the New York Stock Exchange, the Justice Department’s case could have been difficult to prove even if charges had been filed.
Last year, the financial services firm was cleared in a U.S. Securities and Exchange Commission (SEC) investigation into allegations of bribery at one of its private equity investments. Allianz isn’t completely in the clear though: The company reportedly may pay between $7 million and $10 million to the SEC to settle another investigation into the current bribery case.
Read more at Reuters.
