Saudi Aramco has moved to clamp down on corruption among its employees and suppliers after a U.S Department of Justice investigation into Tyco Valves & Controls Middle East Inc. found that the company had paid employees of four different state owned companies, a total of $488,489.
Aramco admitted that business with Tyco over the last 12 years had amounted up to $42 million and that a former employee who had served as a technical specialist had accepted the bribe.
The employee has been terminated with loss of all benefits. The company has blacklisted the individual and will not conduct business with him or any company which employs him.
The Tyco affiliated company as well as 17 other companies implicated in this case were suspended from business by Saudi Aramco which has proceeded to strengthen its codes for unethical or illegal business activities.
Aramco has stipulated that companies suspended for such reasons must undergo a thorough review of their corporate structure and governance processes.
As of November 1, 2012, Tyco Valves & Controls has changed its name to Pentair Valves & Controls, but will continue to deliver flow management products and services to its customers.
“All that has changed is the name: we will still deliver the same market-leading products and services as before, remaining focused on our customers’ needs and maintaining our position as the world’s leading supplier of flow control solutions,” said Randy Hogan, chief executive of officer of Pentair.
