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SBM Offshore Bribery Case Could Reach $240 Million

Jaclyn Jaeger | August 7, 2014

Dutch oil and gas company SBM Offshore disclosed in an earnings report yesterday that it could end up shelling out as much as $240 million to resolve an ongoing Department of Justice investigation concerning potential bribery payments made to government officials in Angola and Equatorial Guinea.

In April 2012, SBM Offshore launched an internal investigation, which uncovered evidence that some of its agents may have made bribery payments to government officials in Angola and Equatorial Guinea. The company said it voluntarily reported its internal investigation to the Dutch Openbaar Ministerie and the Justice Department.

Following the conclusion of a two-year internal investigation in April 2014, SBM Offshore...

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