Martin to pay $5.87 million fine
The use of federal funds to pay a middleman to win aEgyptian military contract will cost Martin Marietta Corp. nearly $6 million, the Justice Department announced yesterday.
Bethesda-based Martin will pay $5.87 million to settle an allegation that General Electric Corp.'s radar division paid the commission with money from the U.S. Defense Security Assistance Agency.
Martin Marietta is paying the fine because it bought General Electric's radar business in 1993, after General Electric admitted to breaking the law. The Defense Security Assistance Agency does not allow contractors to pay agents to help win foreign contracts.
Fed names Baltimore panelists
The Federal Reserve Bank of Richmond yesterday announceappointments to the board of its Baltimore office, including Michael R. Watson, president of the Association of Maryland Pilots, who was elected chairman of the board for 1995; Rebecca Hahn Windsor, chairman and chief executive of Hahn Transportation Inc. in New Market, who was reappointed for a three-year term as a director; and F. Levi Ruark, chairman and president of the National Bank of Cambridge, also reappointed for a three-year term.
Paging firm sells for $36 million
Shareholders of Cincinnati-based USA MobilCommunications Holdings Inc. and Premiere Page Inc. yesterday approved USA Mobile's acquisition of the Leawood, Kan.-based paging company for about $36 million.
The shareholders' action prompted Alexandria, Va.-based Metrocall Inc. to withdraw its hostile, $200 million three-way merger offer.
Ex-head of Spanish bank jailed
Mario Conde, flamboyant former chairman of Banco Espanode Credito, was arrested and jailed without bail yesterday on charges of fraud and embezzlement involving more than $53 million.
Mr. Conde's fall from grace began a year ago when the Bank of Spain seized control of Banesto, as the bank is called, and dismissed Mr. Conde, 45, last Dec. 28. The central bank discovered that Banesto had overvalued its assets by $4.5 billion and was on the verge of collapse because of insufficient capital reserves and portfolio losses.
Will Hearst leaves Examiner
Will Hearst, publisher of the San Francisco Examiner and grandson of publishing magnate William Randolph Hearst, will leave the paper next month, the Examiner said yesterday.
Mr. Hearst, 45, who took over as publisher of San Francisco's afternoon newspaper in 1984, will remain on the Hearst board of directors and will remain a trustee. He plans to join a venture capital firm in the bay area next month.