TV News LIES

Saturday, Feb 13th

Last update05:20:13 AM GMT

You are here News Energy Oil and Gas Bribery Case Settled for $236 Million

Oil and Gas Bribery Case Settled for $236 Million

E-mail Print PDF

Oil and Gas Bribery Case Settled for $236 MillionSix oil and gas service companies and a prominent freight-forwarding company agreed to pay about $236 million in criminal and civil penalties in one of the largest corporate bribery cases ever to focus on a single industry, federal authorities said Thursday.

Most of the bribes were paid to circumvent local rules and regulations, allowing the oil service companies to import equipment and vessels into foreign countries, which included Angola, Azerbaijan, Brazil, Kazakhstan, Nigeria, Russia and Turkmenistan.

The settlements were announced by the Justice Department and the Securities and Exchange Commission.

The freight-forwarding and logistics company, Panalpina, which is based in Basel, Switzerland, admittedthat it paid thousands of bribes totaling at least $27 million to foreign officials in seven countries on behalf of many of its oil and gas industry customers, the federal authorities said.

The oil and gas companies, which agreed to plead guilty to violations of the Foreign Corrupt Practices Act or to pay settlements under deferred prosecution agreements, are Transocean Inc. and Tidewater Marine International Inc., both of which are based in the Cayman Islands; Pride International Inc. of Houston; the Noble Corporation of Switzerland; and Shell Nigeria Exploration and Production, part of Royal Dutch Shell. A sixth company, the Global Santa Fe Corporation, will pay a civil settlement only.

More...


Most Recent Related Stories...


Billions of Barrels of Oil Vanish in a Puff of Accounting Smoke

barrels of oil disappearIn an instant, Chesapeake Energy Corp. will erase the equivalent of 1.1 billion barrels of oil...

Scotland hosting new type of offshore wind program

Scotland floats new wind programThe Scottish government said it granted a license to the operators of what Edinburgh said may...

Former Massey Energy CEO Don Blankenship Is Found Guilty

Massey energy CEO GuilityIn October, the federal trial of Don Blankenship, the former CEO of Massey Energy, started at...

Oil Services Co.,Baker Huhes, lays off 10,500

Baker Hughes "Extreme market forces" are in play in the global energy sector, oil services company Baker...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!