Shell bribes among ‘culture of corruption,’ Panalpina admits
source: http://bit.ly/a5pucT
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Panalpina, Shell and five oil services companies agreed to pay $236.5 million to settle probes by the U.S. Justice Department and Securities and Exchange Commission.
Panalpina, which admitted to bribing government officials in seven nations, will pay $81.5 million, and Shell will pay $48.1 million.
Prosecutors agreed to defer prosecution of five companies, including Panalpina and Shell. Panalpina said it paid at least $49 million in bribes to government officials in Angola, Azerbaijan, Brazil, Kazakhstan, Nigeria, Russia and Turkmenistan. The bribes from 2002 to 2007 let its clients avoid the customs process, pass off phony documents or smuggle contraband including medicines and explosives, Panalpina said.
“Prior to 2007 a culture of corruption within Panalpina emanated from senior level management in Switzerland who tolerated bribery as business as usual,” the company said in a 34-page statement filed in federal court in Houston. “Dozens of employees throughout the Panalpina organization were involved in various schemes to pay bribes to foreign officials.”
Panalpina, which admitted to bribing government officials in seven nations, will pay $81.5 million, and Shell will pay $48.1 million.
Prosecutors agreed to defer prosecution of five companies, including Panalpina and Shell. Panalpina said it paid at least $49 million in bribes to government officials in Angola, Azerbaijan, Brazil, Kazakhstan, Nigeria, Russia and Turkmenistan. The bribes from 2002 to 2007 let its clients avoid the customs process, pass off phony documents or smuggle contraband including medicines and explosives, Panalpina said.
“Prior to 2007 a culture of corruption within Panalpina emanated from senior level management in Switzerland who tolerated bribery as business as usual,” the company said in a 34-page statement filed in federal court in Houston. “Dozens of employees throughout the Panalpina organization were involved in various schemes to pay bribes to foreign officials.”
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