Swiss Bank Accused Of Aiding Bribery At Saudi Oil Co.

Law360, New York (August 26, 2011, 9:32 PM EDT) -- Swiss private bank Pictet & Cie was hit with a Saudi Arabian oil investment company's lawsuit Friday in New York, alleging it aided employees at a drilling subsidiary to operate a kickbacks scheme that cost the company $350 million.

Pictet is accused of assisting three employees of Al Rushaid Parker Drilling Ltd., a unit of Al Rushaid Petroleum Investment Co., carry out a bribery scheme through several bank accounts with a sham company.

“Pictet was the bank through which the corrupted employees laundered the funds that...
To view the full article, register now.