Date: March 28, 2002
Source: News Room
Metech International Inc. has agreed to pay $12.1 million in connection with a kickback conspiracy involving the recycling of precious metals. Metech International Inc., based in Mapleville, Rhode Island, and formerly known as Boliden Metech, has also agreed to cooperate with federal authorities in several ways, including processing truckloads of previously stolen industrial scrap and depositing the value of the scrap into the fund to repay the conspiracy¹s victims. Federal authorities, in return, will delay prosecution of Metech and not file criminal charges against the company or its parent company, Sweden-based Trelleborg Corp., if Metech cooperates. In the conspiracy, four Metech employees stole scrap metal and altered samples to mislead customers about content, weight and value, federal authorities said. Boliden kept more precious metals and other valuable materials than permitted in agreements with customers, authorities said. The scheme lasted for more than two decades and cost Boliden Metech customers millions of dollars, authorities said.
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