WASHINGTON: Oil field services firm Weatherford International reached a $253m settlement with several US government agencies on charges that include sanction violations and bribery, the company said yesterday.
Weatherford was charged with exporting oil and gas equipment to Iran, Syria, Sudan and Cuba in violation of sanctions, and exporting prohibited items tied to nuclear non-proliferation to Venezuela and Mexico.
The charges also include Foreign Corrupt Practices Act breaches and violations in the Iraq oil-for-food program.
The charges stem from probes by the Department of Justice and Securities and Exchange Commission going back to 2007, including one involving the embezzlement of $175,000 in payments to government officials in Europe, according to company filings. The company had estimated the settlement fine, based on U.S. investigations that go back six years, earlier this month.
The settlement includes $100m for the sanctioned countries penalty and $153m for the second two issues.
Reuters
