SBM Offshore agreed to pay $240 million to Dutch authorities Wednesday to settle allegations that it bribed government officials in Angola, Brazil, and Equatorial Guinea.… Continue Reading
Kentucky-based General Cable Corporation said in an SEC filing Monday that it is investigating “certain commission payments involving sales to customers” in Angola, and the way the payments were reflected in the company’s books and records.… Continue Reading
A research center in Angola paid for by foreign oil companies who won the rights to some of the country’s 9.1 billion barrels of oil reserves can’t be found, Tim Fernholz reported in Quartz.… Continue Reading
Netherlands-based SBM Offshore included a $240 million provision in its financial statement for the first half of the year in anticipation of a potential settlement for improper sales practices.
SBM provides floating production systems for the oil and gas industry and related services.… Continue Reading
Cobalt International Energy Inc. said Tuesday it received a “Wells Notice” in connection with the SEC’s investigation of its operations in Angola and potential liabilities under the Foreign Corrupt Practices Act.… Continue Reading
Here’s a note from the volunteer researcher who produces the Corporate Investigations List. A reader asked if we could identify the countries involved in the current investigations. We asked the volunteer researcher about it, and here’s the response:
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China is dominating the disclosures.… Continue Reading
Dutch oil and gas services company SBM Offshore NV announced that a two-year internal investigation produced evidence showing that its agents in Angola and Equatorial Guinea may have bribed government officials.… Continue Reading
Apple will begin publishing names of suppliers every quarter showing whether they have verified the source of the minerals they use.
The company said in its latest Supplier Responsibility Progress Report released Thursday it will also publish names of suppliers and audit results covering compliance with labour standards and environmental use and impact.… Continue Reading
Here’s the latest FCPA disclosure from oil field services firm Halliburton Company from its Form 10-K filed with the SEC on February 7:
We are conducting internal investigations of certain areas of our operations in Angola and Iraq, focusing on compliance with certain company policies, including our Code of Business Conduct (COBC), and the FCPA and other applicable laws.… Continue Reading
Transparency International gave its 2013 Integrity Award to Chinese journalist Luo Changping and Angolan human rights activist and journalist Rafael Marques de Morais.
The award was launched in 2000 to honor journalists, government officials, and civil society leaders who act on the belief that corruption can be challenged.… Continue Reading
Steve Coll is the author of Private Empire: ExxonMobil and American Power, a painstakingly researched account of how the world’s most profitable corporation built its global influence.