Word: sec
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Dates: during 1970-1979
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...prince, says the SEC, was paid to use his influence...
...unusually detailed charges suggest that the company spent almost as much effort buying off officials as it did pursuing its business. The SEC's allegations read like a Baedeker of bribery...
...Saudi Arabia, where ISC won a $106 million contract to design and build a desalination plant, the SEC charges that the company paid Adnam Samman, then vice governor of the state-run Saline Water Conversion Corp., $3.5 million. To pick up a $50 million contract for a sugar processing complex in the Ivory Coast, ISC paid Gilchrist Olympic, son of a for mer President of Togo, more than $1 million and gave him a new Lincoln Continental, the SEC says...
...Chile, the company worked out a deal with Daniel Fuenzalida, chief economic adviser to General Gustavo Leigh, a member of the ruling junta. Fuenzalida and others formed a company called Chilco, which the SEC said was to be paid .5% of the value of any contracts that ISC secured in the country. One member of Chilco was Benjamin Rencoret, who was and is a Chilean honorary consul in Houston. Despite payments of $30,000 to Chilco, the company failed to get the contract it was seeking: construction of a $375 million liquefied natural gas plant...
...subsidiary landed a contract in Algeria to build a natural gas treatment plant. The subsidiary listed a cost of $400,000 paid to Rhasid Zeghar, a former senior military officer, for consulting services, which the SEC says consisted of meeting with ISC representatives for four days. In order to win a $5.2 million contract to build a grain storage facility in Nicaragua, other subsidiaries paid $415,538 to companies owned or controlled by Dictator Anastasio Somoza and his wife...