Settlements

ST-502
SBM Offshore NV / Bruno Chabas (CEO)
SBM Offshore NV
Brazil
Office of the Attorney General
Netherlands (SBM Offshore NV)
2016
4/4
Brazil
Individual
Criminal
out-of-court settlement, on a no admission of guilt basis
Criminal Fine
$68,662.50
$68,662.50
$0
$0
$0
$68,662.50
Prosecution by affected jurisdiction
Art.16
Art. 1
Foreign Bribery
Foreign Bribery
Yes
According to press statements by SBM Offshore, the company's CEO and Member of the Supervisory Board agreed to an out of court settlement on a non admission of guilt basis for bribes allegedly paid to officials of the majority Brazilian government owned Petrobras. The settlement agreement was approved by a judge. (Sources: SBM Offshore Press Releases, "Confirmation of the Settlement Regarding Allegations Against CEO and Member of the Supervisory Board," April 6, 2016 and "Settlement Regarding Accusations against CEO and Member of the Supervisory Board," January 25, 2016.) According to SBM Offshore's 2015 Full-Year Earnings report, the company had set aside $245 million for a possible settlement with the Brazilian authorities. (Source: SBM Offshore 2015 Full-Year Earnings Report, "Compliance," Ferbuary 10, 2016.)