Goodyear to pay Sh1 billion for bribery in Kenya and Angola

American tyre company Goodyear has been fined Sh1.5 billion ($16 million) by US regulators over allegations that its subsidiaries paid bribes to secure business in Kenya and Angola. FILE PHOTO | NATION MEDIA GROUP

What you need to know:

  • The alleged bribes were paid in cash and recorded on Treadsetters’ books as expenses for promotional products.
  • Another Sh1.3 million ($14, 457) is alleged to have been paid to local government officials including city council employees, police and building inspectors.
  • SEC estimates that at the time the bribes were given out, Treadsetters had annual revenues of approximately $20 million.
  • Goodyear’s subsidiary in Angola, Trentyre Angola, is also alleged to have paid out bribes amounting to Sh145.6 million ($1.6 million) to employees of government entities.

Top public officials at the roads and defence ministries, several parastatals and the military were among those who pocketed millions of shillings in bribes to award tenders to an American tyre company that has now been fined Sh1.5 billion in the US.

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