Statoil: Horton Case Closed
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 (STO)'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.