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A storied Australian engineering giant that originated with the Snowy Hydro scheme and still has government contracts paid $9 million as part of the settlement.
The Australian Federal Police have accepted a $9 million settlement to end a 13-year-long bribery investigation into a storied Australian engineering company that still has major government contracts.
As part of the settlement agreement to pay the money under proceeds of crime legislation, SMEC, formerly the Snowy Mountains Engineering Corporation, made no admissions of wrongdoing. Police did not refer the matter to the Commonwealth Director of Public Prosecutions. The force’s anti-corruption division chief, Andrea Quinn, said the result showed that companies would still face significant financial consequences following foreign bribery investigations, even if there was no prosecution.
“Noting the cooperation of SMEC throughout the investigation, companies identifying potential misconduct and engaging early, transparently and constructively with the AFP place themselves in a materially different position to those who do not,” Quinn said. “The AFP is committed to detecting, disrupting and deterring foreign bribery and any related criminal activity. ”SMEC is now owned by Surbana Jurong, a subsidiary of the Singaporean state’s investment company Temasek.
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