Cobalt Reveals FCPA Probe Of Angola Oil Business

Law360, New York (February 22, 2012, 6:34 PM EST) -- U.S. regulators have launched a formal probe into allegations that one of Cobalt International Energy Inc.’s oil drilling contractors bribed foreign officials in Angola, Cobalt said Tuesday.

News of the probe was revealed in Cobalt’s annual report to the U.S. Securities and Exchange Commission. Cobalt previously announced in March that the SEC and the U.S. Department of Justice had begun an informal investigation of possible violations of the Foreign Corrupt Practices Act regarding operations at two Cobalt oil blocks off the Angolan coast.

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