The worlds third biggest Aluminium corporation, ALCOA is being sued for at least $1 Billion by a Bahraini metals company. Alba (the 10th largest Aliminium producer in the world) claims ‘massive, outrageous fraud’ perpetrated by ALCOA, who bribed officials in an enormous fraudulent scam to overcharge Alba for Alumina by $65 million per year for 15 years.
The case was held in Pittsburgh federal court on the 27th February. Experts claim an out of court settlement is likely as this could be very embarrassing for ALCOA if it is taken to trial. ALCOA has an exceedingly poor track record with environmental disasters, human rights abuses and corruption and will be very keen to keep its vulnerable insides out of the public eye.
The losses expected are equal to over double ALCOA’s fourth quarterly income of $632 million. Share prices dropped by 6 cents on the 28th February, and some are even speculating that ALCOA may soon be threatened with a takeover by the world’s biggest Aluminium giant Rio Tinto-ALCAN. ALCOA CEO Alain Belda says they will be seeking more joint ventures in China, Middle East and North America to make up the huge lost profits.
This is just another example of ALCOA’s dark history of outright disregard for people, the environment and international laws, for the sole purpose of pursuing ever more massive corporate profits by any means necessary. Icelanders beware! This slick American giant may seem benevolent, green and genuine, but hidden behind it’s grinning PR experts and smarmy press officers is a ruthless agenda of exploitation and greed.
More about corrupt and dirty ALCOA at:
- ‘Bacofoil Bandits’ – Scott Clouder profiles the company that links BacoFoil with the US treasury secretary, a Mexican sweatshop and an Icelandic wilderness.
- ALCOA’s Alarming Record on Pollution
- The Bad Neighbor – Alcoa’s Dirty Dealing in Central Texas by Esther Cervantes