Settlements

ST-425
Bonny Island Nigeria / Parker Drilling Company
Bonny Island Nigeria
United States
Securities and Exchange Commission
Nigeria
2013
4/16
Unknown
Legal Person
Civil
Permanent Injunction
Disgorgement of Profits, Prejudgment interest
$4,090,818
$3,050,000
$1,040,818
$0
$0
NA
Art.16
Art. 1, Art. 2
Bribery of Foreign Officials
No admission or denial of alleged offenses
SOE
According to the US Securities and Exchange Commission, Parker Drilling Company, a worldwide drilling services and project management firm was charged in April 2013, "with violating the Foreign Corrupt Practices Act (FCPA) by authorizing improper payments to a third-party intermediary retained to assist the company in resolving customs disputes. The SEC's complaint, filed in federal district court in Alexandria, Virginia, alleges that in 2004 Parker Drilling authorized payments to a Nigerian agent totaling $1.25 million. The company did so despite former senior executives knowing that the agent intended to use the funds to "entertain" Nigerian officials involved in resolving Parker Drilling's ongoing customs problems. Following the Nigerian agent's work, the company received an unexplained $3,050,000 reduction of a previously assessed customs fine, and the company was permitted to nationalize and sell its Nigerian rigs." (Source: SEC Litigation Release No. 22672 / April 16, 2013, "SEC Charges Parker Drilling Company with Violating the Foreign Corrupt Practices Act.")