Statoil Settles With US For $21M In Iran Bribery Case

Law360, New York (November 19, 2009, 3:14 PM EST) -- Norwegian oil and gas company Statoil ASA has agreed to pay $21 million to the U.S. government to settle charges stemming from a 2002 contract with Horton Investments Ltd. that was allegedly a cover to send bribes to Iran.

Statoil agreed to a $10.5 million fine for violating the U.S. Foreign Corrupt Practices Act, as well as an additional $10.5 million in disgorgement to the U.S. Securities and Exchange Commission, the company said Thursday.

The company allegedly made payments to an Iranian official to induce him...
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