SBM Offshore: US Authorities Reopen Corruption Probe
SBM Offshore, the world's top oil production ship leasing company, said on Wednesday that U.S. authorities had re-opened an inquiry into bribery allegations involving the Dutch company. SBM Offshore reached a record $240 million settlement in November 2014 with Dutch and U.S. authorities relating to corruption charges in Angola, Brazil and Equatorial Guinea, involving an estimated $200 million in bribes paid between 2007 and 2011. SBM Offshore said in a statement it was setting aside $245 million for a possible settlement with Brazilian authorities, although the timing of a settlement was unclear. The company, which generates roughly 60 percent of revenue in Brazil…
SBM Offshore Reaches Out-of-court Settlement
SBM Offshore today reached an out-of-court settlement ex Article 74 of the Dutch Criminal Code with the Dutch Public Prosecutor's Office (Openbaar Ministerie) over the inquiry into alleged improper payments. Furthermore, the United States Department of Justice has informed SBM Offshore that it is not prosecuting the Company and has closed its inquiry into the matter. The settlement with the Openbaar Ministerie and the United States Department of Justice's decision relate to payments to sales agents in Equatorial Guinea, Angola and Brazil in the period from 2007 through 2011. Bruno Chabas, CEO of SBM Offshore commented, "SBM welcomes the conclusion of all discussions with the Dutch and U.S. authorities.
