A former valve company executive has pleaded guilty to paying $1 million in bribes to officials in government-owned energy companies in India, China, Brazil and South Korea.
Mario Covino, 44, director of worldwide sales at Rancho Santa Margarita-based Control Components Inc. in Irvine, Calif., pled guilty to violating the Foreign Corrupt Practices Act by making illegal payments to foreign officials between 2003 and 2007. The company reaped $5 million in profits from the deals.
Officials at the Maharashtra State Electricity Board (MSEB) are among those allegedly bribed by the company, according to prosecutors. MSEB is undertaking an internal investigation into the allegations.
