Payback Time for State Firms Tied to Payoffs

(Shanghai) - When the U.S. government announced last year that former executives at California-based valve manufacturer Control Components Inc. (CCI) had pleaded guilty to numerous counts of bribery, employees at dozens of companies in China heaved a huge sigh of relief.

Only six Chinese businesses had been implicated in the multimillion-dollar bribery case by the time the U.S. Department of Justice (DOJ) announced the convictions.