Statoil: Horton Case Closed

Thursday, November 19, 2009

Statoil (OSE: STL, NYSE: STO) announced that the Deferred Prosecution Agreement (DPA) the company entered into as a part of the settlement of  the Horton case, has expired as scheduled.
 
On 13 October 2006 the company reached agreements with the US Securities and Exchange Commission (SEC), the US Department of Justice (DOJ), and the United States Attorney's Office for the Southern District of New York (USAO) that settled the agencies' investigations under US law related to Statoil's 2002 contract with Horton Investments Ltd. for business development in Iran.
 
StatoilHydro has fulfilled its obligations under the DPA, and the criminal charges have now been dismissed. The company's controls, policies and procedures related to compliance with the US Foreign Corrupt Practices Act will no longer be subject to review by an external Compliance Consultant.
 
"The last years we have strengthened our systems, procedures and training within ethics and anti corruption.  While the expiration of the DPA is an important milestone, and we are content with closing the Horton case, our strong commitment to operating ethically and transparent remains," said StatoilHydro's chief executive Helge Lund.

(www.statoil.com)

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Iraq to Appeal US Court Decision on Kurdish Oil

The Iraqi oil ministry said on Thursday it would challenge a U.S. court decision that stopped U.S. Marshals from seizing some one million barrels of disputed Kurdish oil docked near Texas.

USCG Shares Safety Tips for Labor Day, Riverfest

Labor Day weekend marks the unofficial end of the boating season and is known as one of the busiest recreational boating weekends on the Ohio River. With approximately 2,

Wishful Thinking From Across the Pond

European Shipowners Pursue Softening of the Jones Act   Just last month, the Secretary General of the European Community Shipowners’ Association (ECSA) opined

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1020 sec (10 req/sec)