GE, Alstom Accused of Paying $10M in Bribes in Brazil

Keep an eye on shares of General Electric (GE) - Get Report in Wednesday's session. A former Petrobras (PBR) - Get Report executive has accused GE and Alstom of paying bribes to secure contracts in Brazil during his time with company in the 1990s and early 2000s. The alleged bribes totaled $10 million dollars. General Electric has denied any wrongdoing and Alstom told Bloomberg 'energy sector is no longer part of its activities.' Nestor Cervero, the former executive who accused both companies of making the bribes, was arrested late last year as part of a widespread investigation into Petrobras for alleged corruption. Cervero testified in 2014 that he had ever received bribes or knew about alleged corruption, according to reports.

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