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SBM Offshore Probe Finds Evidence of Bribery

Jaclyn Jaeger | April 3, 2014

Following the conclusion of a two-year internal investigation, Dutch oil and gas company SBM Offshore announced this week that it has uncovered evidence that some of its agents may have made bribery payments to government officials in Angola and Equatorial Guinea.

The investigation, which SMB Offshore initiated in April 2012, was carried out by independent external counsel (Paul Hastings and De Brauw Blackstone Westbroek) and forensic accountants (PwC Forensics), and focused on the use of agents from 2007 through 2011. According to the findings, SBM Offshore paid approximately $200 million in commissions to agents during that period, the majority of which were made to three countries: Equatorial Guinea ($18.8 million); Angola ($22.7 million); and Brazil ($139.1 million).

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