An oil service firm, Technip, Monday agreed to pay a $338 million fine for scheming to bribe some Nigerian officials, the United States (US) Justice Department has announced.
US officials alleged that the Paris-based company was "engaged in a sophisticated, decade-long scheme" to bribe Nigerian officials in an effort to secure billions of dollars in contracts.
"The resolutions announced demonstrate once again the department’s commitment to aggressively investigate and prosecute international bribery by US and foreign corporations alike," said US prosecutor Mythili Raman.
"That Technip now must pay criminal penalties and relinquish ill-gotten gains totalling $338 million "should make clear that, in the end, bribery of foreign officials will have consequences," Raman said.
Through a joint venture with Kellogg, Brown and Root and others, Technip hired two agents to pay bribes to Nigerian officials to obtain contracts to build $6billion natural gas facilities.
The venture paid companies controlled by the agents $182 million, part of which was intended to be used for bribes.
Under the terms of agreement, the US will defer prosecution of Technip for two years while Technip retains an independent monitor to ensure it is in compliance with anti-bribery.
Technip said on its website it had reached final agreement with the US Department of Justice ("DOJ") and Securities and Exchange Commission (SEC) to resolve all potential claims arising from Technip’s participation in the TSKJ joint venture between 1994 and 2004.
Technip Chairman and CEO, Thierry Pilenko said: "The final agreement with the US authorities, completely in line with the road map that we laid out in February, puts this legacy story behind us and enables us to focus on continuing to develop Technip’s business. We stand by Technip’s commitment to carrying out its business activities ethically and according to both the spirit and letter of the law worldwide. The Board of Directors of Technip and its management are strongly committed to the continued enhancement of our internal compliance policies and processes."
It added that the agreements with the DOJ and the SEC called for the company to pay $338 million (USD 240 million to the DOJ and USD 98 million to the SEC) over the next two years. Technip agreed to pay $240 million to the DOJ in eight equal installments of $30 million over the next two years. Technip will retain a French national, approved by the Department of Justice, to serve as an independent corporate monitor, who will be chiefly responsible for reviewing Technip’s compliance initiatives and recommending improvements.
Technip agreed with the SEC to the entry of a final judgment that permanently enjoins Technip from violating the anti-bribery, books and records, and internal control provisions of the United States Foreign Corrupt Practices Act. Technip also agreed to pay to the SEC $98 million in disgorgement, relating to the TSKJ joint venture.
US officials alleged that the Paris-based company was "engaged in a sophisticated, decade-long scheme" to bribe Nigerian officials in an effort to secure billions of dollars in contracts.
"The resolutions announced demonstrate once again the department’s commitment to aggressively investigate and prosecute international bribery by US and foreign corporations alike," said US prosecutor Mythili Raman.
"That Technip now must pay criminal penalties and relinquish ill-gotten gains totalling $338 million "should make clear that, in the end, bribery of foreign officials will have consequences," Raman said.
Through a joint venture with Kellogg, Brown and Root and others, Technip hired two agents to pay bribes to Nigerian officials to obtain contracts to build $6billion natural gas facilities.
The venture paid companies controlled by the agents $182 million, part of which was intended to be used for bribes.
Under the terms of agreement, the US will defer prosecution of Technip for two years while Technip retains an independent monitor to ensure it is in compliance with anti-bribery.
Technip said on its website it had reached final agreement with the US Department of Justice ("DOJ") and Securities and Exchange Commission (SEC) to resolve all potential claims arising from Technip’s participation in the TSKJ joint venture between 1994 and 2004.
Technip Chairman and CEO, Thierry Pilenko said: "The final agreement with the US authorities, completely in line with the road map that we laid out in February, puts this legacy story behind us and enables us to focus on continuing to develop Technip’s business. We stand by Technip’s commitment to carrying out its business activities ethically and according to both the spirit and letter of the law worldwide. The Board of Directors of Technip and its management are strongly committed to the continued enhancement of our internal compliance policies and processes."
It added that the agreements with the DOJ and the SEC called for the company to pay $338 million (USD 240 million to the DOJ and USD 98 million to the SEC) over the next two years. Technip agreed to pay $240 million to the DOJ in eight equal installments of $30 million over the next two years. Technip will retain a French national, approved by the Department of Justice, to serve as an independent corporate monitor, who will be chiefly responsible for reviewing Technip’s compliance initiatives and recommending improvements.
Technip agreed with the SEC to the entry of a final judgment that permanently enjoins Technip from violating the anti-bribery, books and records, and internal control provisions of the United States Foreign Corrupt Practices Act. Technip also agreed to pay to the SEC $98 million in disgorgement, relating to the TSKJ joint venture.
No comments :
Post a Comment