Tidewater Settles Bribery Probe With Nigeria For $6M

Law360, New York (March 4, 2011, 6:14 PM EST) -- Offshore drilling contractor Tidewater Inc., one of several companies caught in a Foreign Corrupt Practices Act investigation by U.S. officials, will pay $6.3 million to settle bribery allegations with the Nigerian government, the company announced Thursday.

As part of the settlement, announced in the company's filing with the U.S. Securities and Exchange Commission, the Nigerian government agreed to waive any civil and criminal charges stemming from alleged bribes made by Swiss-based freight-forwarding company Panalpina Inc. on behalf of Tidewater.

Panalpina, Tidewater and several other oil services...
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