Lisbon, Aug. 29, 2024 (Lusa) - The Boston Consulting Group (BCG) has admitted that it paid bribes to secure business in Angola, and has agreed with the US Justice Department to return US$14.4 million (€12.8 million) in profits.

According to a BCG note published on its website on Wednesday, between 2011 and 2017, some employees “improperly paid third parties to secure business”.

“Upon discovering this, BCG promptly self-reported the matter to the US Department of Justice (DoJ),” the note reads, and BCG ”removed the individuals from the company and has since closed its office in Luanda, Angola.”

The bribes in question were paid through the Lisbon office, according to a Justice Department investigation.

"Certain BCG employees in Portugal took steps to conceal the nature of the agent's work for BCG when internal issues arose, including backdating contracts and falsifying the agent's purported work product," the DoJ said.

Because BCG took the initiative to report the case, it was eventually able to settle with the DoJ.

The group says that the DoJ "declined to prosecute BCG under the Foreign Corrupt Practices Act for conduct related to certain activities of officials in Angola from 2011 to 2017." This decision was justified by BCG's “voluntary self-disclosure, full cooperation and compliance improvements,” it explains.

In this settlement, BCG will disburse US$14.4 million, "which the DOJ calculated to reflect BCG's profits from the work impacted in Angola."

MES/AYLS // AYLS

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