Bribes Cost Oil Drillers $26 Million In Fines

Law360, New York (February 6, 2007, 12:00 AM EST) -- Three oil-drilling companies that pled guilty to bribing Nigerian officials for preferential customs treatment have been fined $26 million, the largest criminal penalty ever imposed in a foreign corruption case.

The companies, all wholly owned subsidiaries of British-based Vetco International Ltd., agreed to settle with the U.S. Department of Justice after admitting their conduct contravened provisions of the Foreign Corruption Practices Act (FCPA).

The companies pled guilty at a hearing Tuesday in the U.S. District Court of Texas to anti-bribery violations, and conspiracy to violate the...
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