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

Legal

EU Regs on Ship CO2 Reporting Complicates IMO Agreement

ICS Concerned that EU will Preempt IMO CO2 Negotiations.   The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Japan Military Wants China "Crisis Management" Pact

Japan's highest-ranking military officer on Friday urged an early start to a "crisis management" mechanism with China amid conflicting claims to a group of tiny East China Sea islands.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Port Authority Salvage Ship Electronics Ship Simulators Sonar Winch
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: 0.0834 sec (12 req/sec)