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Freight forwarding and oil service companies settle FCPA allegations for $236 million

By Phillips & Cohen LLP

Five oil and gas service companies and subsidiaries and a global freight forwarding company have agreed to settlement penalties totaling $236 million.

These payments will resolve alleged violations of the Foreign Corrupt Practices Act. Allegations included the bribing of customs officials in more than 10 countries for such purposes as circumventing rules or illegally expediting or extending drilling contracts.

The companies, which include Panalpina and a subsidiary of Shell, agreed to over $156 million in criminal penalties and approximately $80 million in disgorgement, interest, and other penalties. If these settlements had resulted from a False Claims Act submission, the whistleblower would have earned at least $23.6 million.

Full post as published by False Claims Act - Qui Tam on November 09, 2010 (boomark / email).