Allianz to pay US$12.4 mil. to settle US bribery charges

The Securities and Exchange Commission announced the settlement Monday with Allianz. The SEC said Allianz's subsidiary in Indonesia made improper payments totaling US$650,626 to obtain 295 insurance contracts, providing the company some US$5.3 million in profits. The violations occurred from 2001 to 2008, the agency said.

The charges were brought under the Foreign Corrupt Practices Act, which bars companies from bribing officials in other countries to get or retain business.

Munich-based Allianz neither admitted nor denied wrongdoing but agreed to refrain from future violations.

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