Italian Executive of U.S. Valve Company Extradited to Face Bribery Charges
The Department of Justice announces that an Italian citizen and former executive of Control Components Inc. (CCI), Flavio Ricotti, has been extradited to the U.S. from Germany to face alleged bribery charges.
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(CCI designs and manufactures service control valves for use in the nuclear, oil and gas, and power generation industries worldwide.)
Ricotti Indicted for Bribery, Corrupt Payments Involving CCI Contracts
Ricotti, who served as CCI’s vice president and head of sales for Europe, Africa and the Middle East from 2001 through 2007, has been extradited in connection with his alleged participation in a conspiracy to secure contracts by paying bribes to officials of foreign state-owned companies as well as officers and employees of foreign and domestic private companies.
According to the indictment, Ricotti allegedly caused CCI employees and agents to make corrupt payments totaling approximately $750,000 to officers and employees of state-owned companies, and corrupt payments totaling approximately $380,000 to officers and employees of private companies, which occurred in connection with CCI projects in various countries around the world, including in the United Arab Emirates, Kazakhstan, India and Qatar.
Ricotti is charged with one count of conspiracy to violate the Foreign Corrupt Practices Act and the Travel Act, one count of violating the FCPA, and three counts of violating the Travel Act.
CCI Received $18 Million Fine, Etc. for Corrupt Payments
In July 2009, CCI pleaded guilty to charges in connection with corrupt payments in more than 30 countries and was ordered to pay an $18.2 million criminal fine, placed on organizational probation for three years, and ordered to create and implement a compliance program and retain an independent compliance monitor for three years.
(In related cases, Mario Covino, the former director of worldwide factory sales for CCI, and Richard Morlok, CCI’s former finance director, previously pleaded guilty to conspiring to bribe officers and employees of foreign state-owned companies on behalf of CCI.)
(Press release dated 07/06/10)