TechnipFMC reserves $280 million for ‘global’ bribery resolution

By AML FCPA, AML

TechnipFMC reserves $280 million for ‘global’ bribery resolution

London-based TechnipFMC plc said in an SEC filing Wednesday that it has set aside $280 million for a settlement of bribery-related offenses with authorities in the United States, Brazil, and France.

The oil and gas services company

said the investigation relates to “potential violations of anticorruption laws relating to historical projects in Brazil, Equatorial Guinea, and Ghana, and Unaoil contracts.”

TechnipFMC didn’t say how the estimated penalties of $280 million might be allocated among the DOJ and SEC and enforcement agencies in Brazil and France.

The company was formed through the 2017 merger of UK-based FMC Technologies Inc. and French oil-services giant Technip SA.

In 2010, Technip SA paid $338 million to resolve FCPA offenses in Nigeria.

Technip was one of the partners in the KBR-led TSKJ joint venture.

The FCPA Blog

http://www.fcpablog.com/blog/2019/2/22/technipfmc-reserves-280-million-for-global-bribery-resolutio.html

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