NewEnergyNews: OIL CO’S INVESTIGATED FOR BRIBERY IN NIGERIA/

NewEnergyNews

Gleanings from the web and the world, condensed for convenience, illustrated for enlightenment, arranged for impact...

The challenge now: To make every day Earth Day.

YESTERDAY

THINGS-TO-THINK-ABOUT WEDNESDAY, August 23:

  • TTTA Wednesday-ORIGINAL REPORTING: The IRA And The New Energy Boom
  • TTTA Wednesday-ORIGINAL REPORTING: The IRA And the EV Revolution
  • THE DAY BEFORE

  • Weekend Video: Coming Ocean Current Collapse Could Up Climate Crisis
  • Weekend Video: Impacts Of The Atlantic Meridional Overturning Current Collapse
  • Weekend Video: More Facts On The AMOC
  • THE DAY BEFORE THE DAY BEFORE

    WEEKEND VIDEOS, July 15-16:

  • Weekend Video: The Truth About China And The Climate Crisis
  • Weekend Video: Florida Insurance At The Climate Crisis Storm’s Eye
  • Weekend Video: The 9-1-1 On Rooftop Solar
  • THE DAY BEFORE THAT

    WEEKEND VIDEOS, July 8-9:

  • Weekend Video: Bill Nye Science Guy On The Climate Crisis
  • Weekend Video: The Changes Causing The Crisis
  • Weekend Video: A “Massive Global Solar Boom” Now
  • THE LAST DAY UP HERE

    WEEKEND VIDEOS, July 1-2:

  • The Global New Energy Boom Accelerates
  • Ukraine Faces The Climate Crisis While Fighting To Survive
  • Texas Heat And Politics Of Denial
  • --------------------------

    --------------------------

    Founding Editor Herman K. Trabish

    --------------------------

    --------------------------

    WEEKEND VIDEOS, June 17-18

  • Fixing The Power System
  • The Energy Storage Solution
  • New Energy Equity With Community Solar
  • Weekend Video: The Way Wind Can Help Win Wars
  • Weekend Video: New Support For Hydropower
  • Some details about NewEnergyNews and the man behind the curtain: Herman K. Trabish, Agua Dulce, CA., Doctor with my hands, Writer with my head, Student of New Energy and Human Experience with my heart

    email: herman@NewEnergyNews.net

    -------------------

    -------------------

      A tip of the NewEnergyNews cap to Phillip Garcia for crucial assistance in the design implementation of this site. Thanks, Phillip.

    -------------------

    Pay a visit to the HARRY BOYKOFF page at Basketball Reference, sponsored by NewEnergyNews and Oil In Their Blood.

  • ---------------
  • WEEKEND VIDEOS, August 24-26:
  • Happy One-Year Birthday, Inflation Reduction Act
  • The Virtual Power Plant Boom, Part 1
  • The Virtual Power Plant Boom, Part 2

    Sunday, August 05, 2007

    OIL CO’S INVESTIGATED FOR BRIBERY IN NIGERIA

    This investigation may shine light in the dark area of how difficult it is to do business in countries where corruption is the norm. In Nigeria, there is a very public campaign to control the reportedly rampant problem.

    Nigeria: U.S. Justice Department Commences Probe of Country’s Oil Operations
    Yemie Adeoye, 31 July 2007 (Lagos Vanguard)

    WHO
    U.S. Justice Department (Justice), U.S. Securities and Exchange Commission (SEC), Panalpina World Transport Holdings Ltd. (PWTN), 11 oil and gas companies

    click to enalarge

    WHAT
    The 11 oil and gas companies are being investigated by Justice and the SEC for payments to Panalpina which may be considered bribes in violation of the U.S. Foreign Corrupt Practices Act. (Apparently, or allegedly, Panalpina served as the conduit for payments to customs agents.) Reportedly, without a bribe the business does not get a permit; with one, the business violates US law. It is one of the many conundrums for US companies doing business in oil-rich Nigeria.

    WHEN
    - The oil and gas companies have been asked to document all payments to Panalpina in the last 5 years.
    - February 2007: Vetco Gray Controls, a Houston oil-services company, and two subsidiaries paid a $26 million settlement after admitting to $2 million in bribes to Nigerian Customs officials.
    - April 2007: Baker Hughes (BHI) and a subsidiary paid $44 million in April to settle charges for bribes in Kazakhstan and other matters.
    - July 20 meeting at Justice: “How to comply with U.S. anti-bribery laws while doing business in Nigeria, where such laws aren't respected and bribery is rampant.” The meeting included Justice, State and Commerce Departments and the SEC.

    WHERE
    - Panalpina is based in Switzerland.
    - Investigations are for Panalpina services in Nigeria, Kazakhstan and Saudi Arabia.

    From Nigeria's campaign against corruption.

    WHY
    - The alleged potentially illegal payments to customs agents were for freight forwarding and other services.
    - Panalpina World Transport Holdings Ltd. (PWTN) is described as a shipping and logistics-management company.
    - In response to the charges, Justice officials held a meeting on anti-bribery laws and the difficulties of operating in Nigeria and West Africa with 4 companies currently not under investigation who have reported internal investigations of potential violations: Tidewater Inc. (TDW), Noble Corp. (NE), GlobalSantaFe Corp. (GSF) and Global Industries Ltd. (GLBL) are investigating reimbursements to an unidentified "Customs agent."

    QUOTES
    - Martin Spohn, Panalpina spokesman: "Obviously, we are cooperating with the investigation…"
    - Anonymous, with experience doing business in Nigeria: "It's a very difficult operating environment, even if you're trying to do everything by the book…"
    - Another: "…you can't pass through the Lagos airport without being asked to pay a bribe."

    0 Comments:

    Post a Comment

    << Home