Oil services firm Nabors Industries Ltd. said Wednesday the DOJ won’t bring an FCPA enforcement action after an investigation first launched more than five years ago.
Oil services firm Nabors Industries Ltd. was a customer of Panalpina but not among the six that settled FCPA cases on the same historic day in November 2010.
Panalpina, a Swiss-based logistics firm, admitted paying bribes to help customers move their drill rigs and other equipment in and out of Kazakhstan, Saudi Arabia, Algeria and Nigeria, among others.… Continue Reading
LyondellBasell Industries NV, the Netherlands-based petrochemical maker, made this disclosure in its Form 10-Q filed with the SEC on October 26:
… Continue Reading
We previously identified an agreement related to a former project in Kazakhstan under which a payment was made that raises compliance concerns under the U.S.
A subsidiary of Pfizer Inc. agreed with the DOJ today to pay a $15 million criminal penalty to resolve FCPA violations in Bulgaria, Croatia, Kazakhstan, and Russia.
Pfizer also agreed with the SEC to pay $26.3 million in disgorgement of profits and pre-judgment interest to settle civil charges.… Continue Reading
We’ve seen, in our last two posts in this series (here and here), a radical new enforcement idea starting to take root — using at least some portion of the enforcement proceeds to directly benefit the citizens of the countries in which the bribery occurred.… Continue Reading
Last post, I discussed the proposal from Nigeria’s Social-Economic Rights and Accountability Project to establish a mechanism for using the proceeds of FCPA settlements to help bribery victims. Specifically, SERAP suggests that civil penalty or disgorgement proceeds be made available to civil-society groups in the victimized country, or to U.S.-based… Continue Reading
Yesterday, Benjamin Kessler wrote a stirring defense of what he called “one of the most altruistic FCPA amendments yet proposed:” adopting a system to share the proceeds of FCPA settlements with the victims of bribery.… Continue Reading
Today the imprisoned Chinese dissident Lu Xiaobo will receive, in absentia, the Nobel Peace Prize. Predictably, China is boycotting.
Less predictably, and more noteworthy, is this: of the 65 countries invited to the ceremony (all countries with embassies in Norway), an astonishing 18 will side with China.… Continue Reading
The Wall Street Journal is reporting that Swiss logistics giant Panalpina and its customer Shell are close to settlement of FCPA charges with the DOJ and SEC. The paper said Panalpina may pay about $85 million in penalties and Shell about $30 million.… Continue Reading