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Cobalt: Justice Department drops FCPA probe

Jaclyn Jaeger | February 10, 2017

Cobalt International Energy, an independent exploration and production company, yesterday announced that it received a letter from the Department of Justice, stating that the agency does not intend to recommend any enforcement action after looking into potential violations of the Foreign Corrupt Practices Act related to Cobalt's operations in Angola.

Cobalt stated that this “formally concludes” the Justice Department’s investigation, which was the last remaining FCPA investigation by any U.S. regulatory agency into Cobalt’s Angolan operations. No regulatory action has been taken against Cobalt as a result of these investigations.

As previously disclosed, the Department of Justice and the Securities and Exchange Commission began investigating Cobalt’s operations in Angola in 2011 in response to allegations of a connection between senior Angolan government officials and Nazaki... To get the full story, subscribe now.