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German-based insurer Allianz SE has agreed to pay the Securities and Exchange Commission $12.3 million to settle charges that it bribed officials in Indonesia for the placement of insurance contracts.

In a statement, the SEC says it uncovered 295 insurance contracts that a subsidiary of Allianz “obtained or retained” through improper payments totaling $650,626. The payments were made on “large government projects” to employees of state-owned entities.

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