Pride Int'l Unit Settles Bribery Claims For $56M

Law360, New York (December 7, 2010, 7:21 PM EST) -- A French subsidiary of Pride International Inc. finalized a $56.2 million settlement with federal agencies Tuesday to resolve allegations that the oil rig operator illegally bribed foreign officials to land drilling contracts and customs clearance.

Pride Forasol SAS pled guilty in the U.S. District Court for the Southern District of Texas and was sentenced to pay a $32.6 million fine. The company had admitted that it paid about $800,000 in bribes directly and indirectly to government officials in Venezuela, India and Mexico, according to the U.S....
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