Dutch oilfield services provider Frank’s International agreed to pay nearly $8 million as part of a settlement with the Securities and Exchange Commission (SEC) for allegedly paying bribes to influence oil drilling contracts in Angola.
Now known as Expro Group Holdings N.V., Frank’s violated the Foreign Corrupt Practices Act (FCPA) when it paid commissions to an Angolan sales agent from 2008-14, the SEC alleged. Company employees knew the agent was likely to use the funds to bribe Angolan officials to secure contracts for Frank’s, the agency said Wednesday in an administrative proceeding.
