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Wednesday, June 30, 2010
Technip S.A. has agreed to pay $338 million for its part in a bribery case according to the US Department of Justice (DoJ). The DoJ said that Technip conducted the alleged bribery scheme to obtain more than $6 billion in contracts to build the Nigerian Liquefied Natural Gas (NLNG).
Technip was part of a multi company joint venture led by KBR who was at the time part of Halliburton. The company was the subject of investigations in 2003 and pled guilty to conspiring to violate the US Foreign Corrupt Practices Act on February 11, 2009, as well as to counts charging the company with violations of the anti-bribery provisions of the FCPA in connection with the Bonny Island project in Nigeria as part of the TSKJ joint venture.
Technip, under its settlement with the DoJ, agreed to pay a $240 million criminal penalty and in return the DoJ has filed a deferred prosecution agreement. The company will pay $98 million to settle a related civil complaint by the US Securities and Exchange Commission.
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