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Thursday, November 13, 2014
SBM Offshore NV has settled a bribery case with Dutch prosecutors for $240 million including a $40,000 fine. The case revolved around the actions of its sales agents actions in several countries, including Angola and Equatorial Guinea.
The settlement with authorities ends the over two-year long investigation into improper payments to government officials between 2007 and 2011. Dutch prosecutors said in a statement that payments made constituted “the indictable offence of bribery. ” The settlement means that SBM Offshore as a company will not be prosecuted in the Netherlands, but the those individuals involved could still face charges in other countries.
Prosecutors said in regards to Equatorial Guinea that payments took place with the “knowledge of people who at the time were SBM Offshore employees, including … a member of the management board.” In Angola it was alleged that an SBM Offshore paid an agent in Angola $18.8 million and around $22.7 million was paid to agents and used to pay for “travel and study costs to one or more Angolan government officials or their relatives.”
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