The corruption cases databases are a product of the staff of the International Bank for Reconstruction and Development / The World Bank. It is intended for general information purposes only. The findings, interpretations, and conclusions expressed in the Database do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Neither the World Bank Group nor its officers or employees shall be liable for any losses that may result directly or indirectly from the use of or reliance upon such information.
Bribery by Oil Services and Freight Forwarding Companies / GlobalSantaFe Corp.
Bribery by Oil Services and Freight Forwarding Companies
Securities and Exchange Commission
Nigeria, Gabon, Angola, Equatorial Guinea
Consent to Permanent Injunction
Disgorgement of Profits, Prejudgment Interest, Civil Penalty
Bribery of foreign officials, Falsification of books and records, Internal controls violations
No admission or denial of alleged offenses
According to the US Securities and Exchange Commission Litigation Release, on November 3, 2010, the Commission "charged GlobalSantaFe Corp. (GSF) (c/k/a Transocean Worldwide Inc.) with bribery and other violations of the Foreign Corrupt Practices Act (FCPA). According to the SEC?s complaint, filed today in federal district court in Washington, D.C., from approximately January 2002 through July 2007, GSF made illegal payments to officials of the Nigerian Customs Service (NCS), through companies acting as customs brokers for GSF. In November 2007, GSF, an oil and gas drilling services company, merged with a subsidiary of Transocean Inc. In December 2008, the listed company became Transocean Ltd. [ ] The SEC alleges that GSF [GlobalSantaFe Corp], through its customs brokers, made other suspicious payments, some characterized as "interventions," to Nigerian customs officials. In addition, GSF similarly made a number of suspicious payments to government officials in Gabon, Angola, and Equatorial Guinea. These payments were described on invoices as, for example, "customs vacation," "customs escort," "costs extra police to obtain visa," "official dues," and "authorities fees." None of the payments were accurately reflected in GSF's books and records, nor was GSF's system of internal accounting controls adequate at the time to detect and prevent these illegal payments. Without admitting or denying the SEC's allegations, GSF has consented to the entry of a court order permanently enjoining it from violating the anti-bribery and record keeping and internal controls provisions in Section 30A and Sections 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act. GSF also consented to the entry of a court order requiring GSF to pay disgorgement of $2,694,405, prejudgment interest of $1,063,760, and a civil penalty of $2.1 million." (Source: US Securities and Exchange Commission, Litigation Release No. 21724 / November 4, 2010, Securities and Exchange Commission v. GlobalSantaFe Corp., Civil Action No. 1:10-CV-01890 (RMC) (D.D.C.), "SEC Charges GlobalSantaFe with Bribery and other FCPA Violations.")
Report by the United States to the OECD, "Steps taken to implement and enforce the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions" (June 2011), Bribery by Oil Services and Freight Forwarding Companies Case Summary at 32-37, accessed at http://www.oecd.org/dataoecd/18/8/42103833.pdf. US Securities and Exchange Commission, Litigation Release No. 21724 / November 4, 2010, Securities and Exchange Commission v. GlobalSantaFe Corp., Civil Action No. 1:10-CV-01890 (RMC) (D.D.C.), "SEC Charges GlobalSantaFe with Bribery and other FCPA Violations," accessed at http://www.sec.gov/litigation/litreleases/2010/lr21724.htm; Complaint filed November 4, 2010, accessed at http://www.sec.gov/litigation/complaints/2010/comp21724.pdf
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