Oil field services company Baker Hughes disclosed in a regulatory filing Feb. 25 that it’s being investigated by the Securities and Exchange Commission (SEC) related to “books and records and internal controls regarding sales of its products and services in projects impacted by U.S. sanctions.”
Without going into further detail, Baker Hughes said it received notice of the probe in December 2020 and that it’s “cooperating with the SEC and providing requested information.” Baker Hughes said it has also “initiated an internal review with the assistance of external legal counsel regarding internal controls and compliance related to U.S. sanctions requirements.”
Baker Hughes added the SEC’s investigation and the company’s internal review are ongoing and that it “cannot anticipate the timing, outcome, or possible impact of the investigation or review, financial or otherwise.”
Jaclyn Jaeger is an editor with Compliance Week and has written on a wide variety of topics, including ethics and compliance, risk management, legal, enforcement, technology, and more.
No comments yet