Oil and gas company HyperDynamics announced last week that the Department of Justice has decided not to file charges following the completion of its investigation into potential violations of the Foreign Corrupt Practices Act.
In September 2013, HyperDynamics said that it had received a subpoena from the Justice Department requesting that the company produce documents relating to its operations in Guinea. The investigation concerned “whether our activities in obtaining and retaining the concession rights and our relationships with charitable organizations potentially violate the FCPA and anti-money laundering statutes,” the company stated.
In a declination letter, dated May 21, the Justice Department acknowledged the value of Hyperdynamics’ cooperation in the investigation: “You have provided certain information to the Department and have described the results of the company’s internal investigation into this matter,” the Justice Department stated. “As you know, the Department values cooperation with investigations, such as shown here.”
The Justice Department’s letter continued: “Based upon the information known to the Department at this time, we have closed our inquiry into this matter. If we obtain additional information or evidence in the future regarding this matter, we may reopen our inquiry.”
"We are extremely pleased to be informed that the DOJ has closed its inquiry into this matter," said Ray Leonard, chief executive officer of Hyperdanmics. A related Securities and Exchange Commission investigation has not yet been resolved.
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