09-01-2013, 10:58 AM
Many believe that the rumors of Shell involvement in hijacking IOC's plans are true. Are they at it again?
http://www.foreign-corrupt-practices-act...ions-.html
SNEPCO, Royal Dutch Shell, Transocean, and other oil service companies pay $156 Million to resolve allegations of Foreign Corrupt Practices Act (FCPA) violations
Several companies in the oil field services industry have agreed to resolve allegations of Foreign Corrupt Practices Act violations, according to statements issued today by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC). The admissions resulted from an investigation of suspected foreign bribery in the industry.
The news was contained in a November 4, 2010 DOJ press release. In total, the companies have agreed to pay $156,565,000 in penalties. In addition, the SEC announced the companies will tender civil disgorgement, penalties and interest of about $80 million.
The central company in the scheme was a global freight forwarder and logistics services company out of Basel, Switzerland, and its U.S. based subsidiary, Panalpina Inc. Documents state that the company paid bribes to a variety of foreign officials on behalf of its oil and gas industry customers.
The bribes were meant to exclude the companies from the rules and regulations pertaining to the import of certain goods and materials in the many foreign jurisdictions they did business in.
Panalpina companies confessed to paying thousands of bribes to foreign officials in at least seven countries: Angola, Azerbaijan, Brazil, Kazakhstan, Nigeria, Russia and Turkmenistan. In total, they paid about $27 million from 2002 to 2007.
Several of Panalpina’s customers, including Shell Nigeria Exploration and Production Company Ltd. (SNEPCO), Transocean Inc. and Tidewater Marine International Inc. admitted they had either approved or condoned the bribes on their behalf in Nigeria.
They further admitted doctoring their books to make the bribe payments look like regular business expenses. Such actions are also a violation of the Foreign Corrupt Practices Act.
The DOJ filed a criminal complaint citing Panalpina World Transport with conspiracy to violate, and violating, the anti-bribery provisions of the FCPA. A further criminal complaint was filed against the company charging it with conspiring to violate the bookkeeping and records provisions of the FCPA.
Panalpina has agreed to admit its guilt and pay a $70.56 million criminal penalty.
Several other companies, including SNEPCO, a Nigerian subsidiary of Royal Dutch Shell plc; Transocean Inc., a Cayman Island subsidiary of Transocean Ltd; Tidewater Marine International, Inc. a Cayman Island subsidiary of Tidewater, Inc; and Pride International admitted to similar violations of the Foreign Corrupt Practices Act and paid fines as well.
Report violations of the Foreign Corrupt Practices Act (FCPA) here.
If you have information regarding the bribery of a foreign official, report it to the Foreign Corrupt Practices Act Reporting Center today. Complete the form on this page or call 1-800-934-2921 for a free no obligation consultation.
http://www.foreign-corrupt-practices-act...ions-.html
SNEPCO, Royal Dutch Shell, Transocean, and other oil service companies pay $156 Million to resolve allegations of Foreign Corrupt Practices Act (FCPA) violations
Several companies in the oil field services industry have agreed to resolve allegations of Foreign Corrupt Practices Act violations, according to statements issued today by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC). The admissions resulted from an investigation of suspected foreign bribery in the industry.
The news was contained in a November 4, 2010 DOJ press release. In total, the companies have agreed to pay $156,565,000 in penalties. In addition, the SEC announced the companies will tender civil disgorgement, penalties and interest of about $80 million.
The central company in the scheme was a global freight forwarder and logistics services company out of Basel, Switzerland, and its U.S. based subsidiary, Panalpina Inc. Documents state that the company paid bribes to a variety of foreign officials on behalf of its oil and gas industry customers.
The bribes were meant to exclude the companies from the rules and regulations pertaining to the import of certain goods and materials in the many foreign jurisdictions they did business in.
Panalpina companies confessed to paying thousands of bribes to foreign officials in at least seven countries: Angola, Azerbaijan, Brazil, Kazakhstan, Nigeria, Russia and Turkmenistan. In total, they paid about $27 million from 2002 to 2007.
Several of Panalpina’s customers, including Shell Nigeria Exploration and Production Company Ltd. (SNEPCO), Transocean Inc. and Tidewater Marine International Inc. admitted they had either approved or condoned the bribes on their behalf in Nigeria.
They further admitted doctoring their books to make the bribe payments look like regular business expenses. Such actions are also a violation of the Foreign Corrupt Practices Act.
The DOJ filed a criminal complaint citing Panalpina World Transport with conspiracy to violate, and violating, the anti-bribery provisions of the FCPA. A further criminal complaint was filed against the company charging it with conspiring to violate the bookkeeping and records provisions of the FCPA.
Panalpina has agreed to admit its guilt and pay a $70.56 million criminal penalty.
Several other companies, including SNEPCO, a Nigerian subsidiary of Royal Dutch Shell plc; Transocean Inc., a Cayman Island subsidiary of Transocean Ltd; Tidewater Marine International, Inc. a Cayman Island subsidiary of Tidewater, Inc; and Pride International admitted to similar violations of the Foreign Corrupt Practices Act and paid fines as well.
Report violations of the Foreign Corrupt Practices Act (FCPA) here.
If you have information regarding the bribery of a foreign official, report it to the Foreign Corrupt Practices Act Reporting Center today. Complete the form on this page or call 1-800-934-2921 for a free no obligation consultation.
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