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Thursday, December 12, 2013
Engineering and service firm, Bilfinger SE, reached an agreement with the US Department of Justice connected to allegations of bribery in Nigeria a decade ago.
Under the agreement Bilfinger will admit to violations related to a pipeline project carried out by its former unit Gas and Oil Services Nigeria and pay a fine of $31.9 million. As part of the agreement, criminal proceedings against Bilfinger will be dropped after three years, on condition that Bilfinger further optimizes its compliance system.
“We are pleased that we have now been able to put these events from the distant past behind us,” Bilfinger chief executive Roland Koch said.
As part of the company’s strategic shift to engineering and services the company reduced its investment in Nigeria and cut its stake in Julius Berger Nigeria to 33%. It also sold 90% of its shares in Julius Berger International to Julius Berger Nigeria.
“In recent years, Bilfinger has consistently expanded its compliance instruments and today has a modern and efficient system,” Koch added.
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