Business Conglomerate General Electric (GE) will shell out $23.5 million to US market regulator SEC to settle charges that it was involved in illegal payments to Iraqi government agencies.

The Securities and Exchange Commission (SEC) had filed charges against GE and its subsidiaries for improper payments made to Iraqi ministers under the UN Oil for Food Program.

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Announcing the settlement, GE in a separate statement yesterday said it would shell out a $1 million penalty, in addition to $22.5 million.

GE noted that it is in best interests of the company and GE and shareholders to resolve this matter now, "without admitting or denying the allegations, and put the matter behind us".

As per the complaint, two GE subsidiaries along with two other subsidiaries of public companies that have since been acquired by GE, made $3.6 million in illegal kickback payments to Iraqi agencies.

These kickbacks were given in the "form of cash, computer equipment, medical supplies, and services to the Iraqi Health Ministry or the Iraqi Oil Ministry in order to obtain valuable contracts under the UN Oil for Food Program", SEC said.

From 2000 to 2003, two GE subsidiaries -- Marquette-Hellige (Marquette) and OEC-Medical Systems (Europa) AG (OEC-Medical), made about $2.04 million in kickback payments in the form of computer equipment, medical supplies, and services to the Iraqi Health Ministry.

"Two other current GE subsidiaries, Ionics Italba S.R.L. (Ionics Italba), and Nycomed Imaging AS (Nycomed), made approximately $1.55 million in cash kickback payments under the Program prior to GE's acquisition of their parent companies," the statement noted.

Nycomed is now known as GE Healthcare while Ionics Italba is called GE Ionics Inc.

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