FCPA Scorecard Blog
General Cable Increases Reserve for Potential Disgorgement to SEC for FCPA Violations
On February 10, General Cable Corp. disclosed in an 8-K that it had increased its already-accrued $24 million reserve to $28 million related to potential disgorgement the company anticipates having to pay the SEC for FCPA violations in Angola, Thailand, India, and Portugal. The 8-K stated that $28 million represented the estimated profit gained from transactions with FCPA implications, but that the disgorgement reserve may increase to $33 million because the company has also identified other transactions that may raise FCPA concerns. In September 2014, the fiber-optic cable manufacturer previously disclosed its internal investigation of payment practices with respect to employees of public utility companies in Angola, Thailand, India, and Portugal and stated that it was cooperating with the DOJ and SECs investigations into those practices.