EnergyHome Featured

SBM pays more fines for West African bribery

The Office of the Attorney General of Switzerland (OAG) found that SBM, from 2006 to the start of 2012, had paid more than $22million and 1 million euros ($1.12million) in bribes to public officials

SWITZERLAND has ordered three subsidiaries of SBM, a Dutch-based global group of companies selling systems and services to the offshore oil and gas industry, to pay 7 million francs ($7.5million) for failing to prevent bribe paying in Angola, Equatorial Guinea and Nigeria

The Office of the Attorney General of Switzerland (OAG) found that SBM, from 2006 to the start of 2012, had paid more than $22million and 1 million euros ($1.12million) in bribes to public officials. SBM subsidiaries paid these principally in Angola and Equatorial Guinea, and to a lesser extent in Nigeria.

SBM Holding Inc SA bank accounts provided the cash. It paid these out through intermediaries, under the cover of sham contracts.

‘These criminal practices were part of a system specifically set up to pay substantial bribes to foreign public officials with the aim of securing contracts for the SBM Offshore group,’ the OAG statement said.

The OAG named the three subsidiaries as SBM Holding Inc. SA, Single Buoy Moorings Inc. and SBM Production Contractors Inc. SA.

The OAG order did not name any SBM executives.

SBM’s Chief Governance and Compliance Officer Erik Lagendijk said the Swiss order closed the issue.

‘Today and for many years now, the company has been implementing substantial measures to ensure that it operates with integrity and fully in line with laws, regulations and with its compliance standards. These measures were also recognised by the Swiss Public Prosecutor Office,’ he said.

The authorities levied a 4.2 million franc ($4.5million) fine, just under the maximum of 5 million francs ($5.37 million). They also ordered SBM to pay another 2.8 million francs ($3 million) compensatory claim on bribes paid to officials in Nigeria.

The OAG said it had been impossible to levy similar claims on the Angola and Equatorial Guinea charges as the company had already paid compensation for these in Dutch and US proceedings.

It was for a similar reason that the Swiss authorities did not pursue SBM over bribes paid in Brazil. The company reached a settlement on these issues in 2017.

The OAG did not some shortcoming in its own investigation. Its work had been unable to establish whether other acts of bribery had taken place, it said.

According to the US, SBM paid at least $180 million to state-owned companies in Brazil, Angola, Equatorial Guinea, Kazakhstan and Iraq.

 

Source
Energy Voice

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button