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.
Internal controls violations, Falsification of books and records
No admission or denial of alleged offenses
Accrording to the June 2011 Report to the OECD, "On July 30, 2009 Helmerich & Payne (H&P) entered into a non-prosecution agreement with the Department of Justice and the SEC initiated a settled administrative proceeding against H&P. These enforcement actions stemmed from a series of improper payments by H&P to government officials in Argentina and Venezuela in violation of the FCPA. [ ] The improper payments were made to officials of the Argentine and Venezuelan customs services, both government agencies, made in order to import and export goods that were not within regulations, to import goods that could not lawfully be imported, and to evade higher duties and taxes on the goods. From 2004 through 2008, H&P Argentina paid Argentine customs officials approximately $166,000, which allowed it to avoid more than an estimated $186,000 in expenses it would have otherwise incurred if it had properly imported and exported the equipment and materials. In addition, from 2003 through 2008, H&P Venezuela made corrupt payments to Venezuelan customs officials totaling approximately $19,673, which allowed it to avoid more than an estimated $134,000 in expenses it would have otherwise incurred if it had properly imported and exported the equipment and materials. H&P and its subsidiaries then falsely, or at least misleadingly, described these improper payments in H&P's books and records." (Source: US Report to the Organisation for Economic Co-operation and Development, "Steps taken to implement and enforce the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions," Information as of May 31, 2011, Helmerich & Payne, Inc. Case Summary at 62-63.)
US Report to the Organisation for Economic Co-operation and Development, "Steps taken to implement and enforce the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions," Information as of May 31, 2011, Helmerich & Payne, Inc. Case Summary at 62-63, accessed at http://www.oecd.org/dataoecd/18/8/42103833.pdf; US Securities and Exchange Commission, In the Matter of Helmerich & Payne, Inc., Administrative Proceedings File No. 3-13565, Order Instituting Cease-and-Desist Proceedings, accessed at http://www.sec.gov/litigation/admin/2009/34-60400.pdf
Please help us ensure that StAR Asset Recovery Watch is as accurate and comprehensive as possible by sending us updated information regarding the cases currently in StAR Asset Recovery Watch, as well as information about cases for future inclusion in the database.
To report any errors or updated case information, please contact email@example.com. Please include the name of your organization, the country in which you reside, and "StAR Asset Recovery Watch" in the subject line.