Saturday, November 15, 2014

Offshore Company pays $240 Million Fine after Corruption Discovered

SBM Offshore is paying a $240 million fine to settle with the prosecution. This has been announced by both the prosecution and the company.  It concerns bribes paid to officials in Angola and Equatorial Guinea between 2007-2011.  Bribes were probably paid in Brazil as well.  There are further questions about possible bribes paid in Malaysia, Iraq, Kazakhstan, and Italy.  The accounting firm of SBM Offshore who approved the annual accounts is KPMG.  Earlier, KPMG was involved in the corruption scandal of the building company, Ballast Nedam.

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