General Electric agreed to pay $23.5 million to settle a U.S. Securities and Exchange Commission (SEC) complaint that GE bribed Iraqi government officials to win contracts to supply medical and water purification equipment under the U.N. Oil-for-Food program. The SEC alleged that, between 2000 and 2003, two GE subsidiaries and two companies GE later acquired paid $3.6 million in kickbacks in the form of cash, computer equipment, medical supplies and services to the Iraqi health and oil ministries, in violation of the Foreign Corrupt Practices Act (FCPA). GE, which neither admitted nor denied the SEC’s allegations and cooperated with the investigation, paid $18,397,949 in disgorgement of profits, $4,080,665 in prejudgment interest, and a $1 million penalty.