A criminal investigation of eleven oil and oil-services companies is underway by the U.S. Justice Department. A civil investigation by the Securities and Exchange Commission is also in progress.
The oil firms received a letter on 2nd July from the Justice Department’s criminal fraud section requesting that they describe their relationship with Panalpina World Transport Holding (PWTN), a Swiss-based shipping and logistics-management company. The letter included concerns about payments that may breach the U.S. Foreign Corrupt Practices Act.
The oil firms were requested to list the countries where Panalpina provided it with services in the past 5 years and to state what it paid for those services. Each company was also asked to meet with federal prosecutors in Washington, D.C.
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