Swiss company to pay $253 million to settle corruption charges
Swiss company to pay $253 million to settle corruption charges
The U.S. government has announced a $253 million fine against Weatherford, a Swiss oil and gas services company that trades on the New York Stock Exchange. The penalty settles charges by the U.S. government that Weatherford violated the Foreign Corrupt Practices Act (FCPA).
Here, we’re talking all sorts bad behavior; bribery, kickbacks, and selling products to countries with economic sanctions in place like Iran, Cuba, Syria, and Sudan.
“It’s a fairly typical FCPA enforcement action,” says Southern Illinois University law professor Mike Koehler. Typical, he says, except for the $253 million dollar fine, which lands it in the top-10 list of FCPA enforcements.
The settlement comes on the heels of a newly negotiated agreement with Iran. But, Koehler says, that’s a coincidence.
“This Weatherford enforcement action has been expected for a couple of years now,” he says.
The company says in a statement: “this matter is now behind us.”
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