Compliance concerns have forced Swiss logistics giant Panalpina to withdraw completely from the Nigerian domestic market. It said in its 2008 half-yearly report (available here) that it will sell its local operations to a Nigerian group and retain no ownership or operating interest. The exit from Nigeria follows Panalpina’s announcement in September 2007 that […]
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The Wall Street Journal has reported that Panalpina and its customer Shell may be close to settling FCPA-related charges with the DOJ and SEC.
Global logistics firm Panalpina and six of its oil-and-gas services customers settled FCPA-related charges today with DOJ and SEC.
[…] the year ended December 31, 2007, Royal Dutch Shell plc includes a Foreign Corrupt Practices Act disclosure. It relates to the Department of Justice’s ongoing investigation of Panalpina. Shell says, “In July 2007, Shell’s US subsidiary, Shell Oil, was contacted by the US Department of Justice regarding Shell’s use of the freight forwarding firm […]
Swiss logistics giant Panalpina said yesterday it has reserved about $110 million for an expected FCPA settlement with the Justice Department and Securities and Exchange Commission and a seperate antitrust resolution. It said the settlements should happen “in the near future.” The corruption investigation dates back to at least early February 2007. The DOJ […]
[…] oil and gas services customers, at least a dozen of which have been contacted by the DOJ about Panalpina’s customs clearance practices in Nigeria and other countries. Panalpina confirmed that its U.S. subsidiary has been instructed to “produce documents and other information related to its business, its services to certain customers and its services […]
An investment fund that owns about 5% of Panalpina World Transport (Holding) Ltd. filed a federal civil suit last month in Texas against the company, some current and former officers and directors, and its owner before its 2005 IPO in Switzerland. The complaint seeks to recover damages caused by the logistics company’s withdrawal from […]
[…] the same third-party agent for its temporary importations in Nigeria that was thought to be significantly implicated in the 2007 Vetco Gray proceedings.” July 24, 2007 — Panalpina says some customers of its U.S. subsidiary have “been requested by U.S. authorities to produce documents related to the provision of its services to Nigeria for […]
[…] seems clear: if other countries won’t police their corporate citizens, American authorities will do it for them — at least when it comes to international public corruption. Panalpina (Switzerland) — In February 2007, the Department of Justice said in connection with the Vetco case that bribes in Nigeria “were paid through a major international […]