Asset Recovery Watch

ARW-89
JGC Corporation (TSKJ Consortium Nigeria Settlement)
Japan
NA
Nigeria
Undertaking Recovery Effort, Location of Recovery Effort
2010
2011
Art.16, Art.23
Yes
Criminal Prosecution; Criminal Fine and Restitution
Unknown
N/A
Settlement Agreement (Source: JGC Corporation's January 31, 2011 Notice of Loss and Revisions of Earnings Forecasts for Fiscal Year Ending March 31, 2011.)
Completed
Assets Returned to Victim or Requesting Jurisdiction
No
N/A

According to the JGC Corporation's January 31, 2011 Notice of Loss and Revisions of Earnings Forecasts for Fiscal Year Ending March 31, 2011, JGC reached a settlement with the Nigerian authorities in January 2011 to settle charges arising from the Bonny Island/LNG project. The company agreed to pay 2.5 billion yen. (Source: JGC Corporation's January 31, 2011 Notice of Loss and Revisions of Earnings Forecasts for Fiscal Year Ending March 31, 2011.) Background on the Bonny Island project, TSKJ joint venture and the JGC Corporation's settlement with the US Department of Justice are described in US v. JGC Corporation, Case No. 4:11-cr-00260 (S.D. Tex.), Deferred Prosecution Agreement and Statement of Facts filed April 6, 2011. Please note that the exact date of Nigerian settlement is not known; January 31, 2011 was used as date for purposes of currency conversion from yen to US dollars. Please note that the settlement agreement with the Nigerian government is confidential and not publicly available.

According to the JGC Corporation's January 31, 2011 Notice of Loss and Revisions of Earnings Forecasts for Fiscal Year Ending March 31, 2011, JGC reached a settlement with the Nigerian authorities in January 2011. No other details were noted in the company's notice. (Source: JGC Corporation's January 31, 2011 Notice of Loss and Revisions of Earnings Forecasts for Fiscal Year Ending March 31, 2011.)

NA
NA
NA
Economic and Financial Crimes Commission
Ministry of Justice, Attorney General; Economic and Financial Crimes Commission
N/A