Bahrain's Alba, Alcoa reach settlement

(MENAFN) US Alcoa has agreed to pay USD85 million to Aluminium Bahrain (Alba), in exchange for dropping a lawsuit against Alcoa, Reuters reported. The settlement came four years after Alba filed a racketeering and fraud suit against Alcoa in US federal court in Pennsylvania in 2008 and sought damages in excess of USD1 billion and punitive damages. Alba had accused Alcoa of conspiring with a businessman to orchestrate bribes in Bahrain and to overcharge it for alumina, the crucial material used to make aluminium. Alcoa also agreed to sign long-term raw material supply contracts, which Alba valued at USD362 million. Alcoa declined to give a value.