Thursday, April 22, 2021

Oil services firm TechnipFMC to pay SEC $5.1 Million in foreign bribery case


TechnipFMC PLC, a U.K.-based oil-and-gas services company, agreed to pay $5.1 million to settle foreign bribery charges and improve its compliance procedures under a deal with the U.S. securities regulator.

The charges stem from $794,000 in payments made between 2008 and 2013 by FMC Technologies Inc., a predecessor company to TechnipFMC, to an unnamed third-party consultant, the Securities and Exchange Commission said Monday in a filing.

The consultant used the funds to bribe Iraqi government officials with the goal of winning contracts to provide oil-and-gas metering services, the SEC said.

- Advertisement -

London-based TechnipFMC was formed in 2017 through a merger between Technip SA and FMC Technologies.

The settlement brings to a close the company’s case with the SEC, Matthew Seinsheimer, a spokesman for TechnipFMC, said. He added that the company first disclosed its agreement with the securities regulator in June.

The required $5.1 million payment is the amount the company gained from operating the scheme, according to the SEC.

The SEC agreement comes three months after the company said in a separate agreement it would pay about $300 million to settle joint bribery probes from prosecutors in the U.S. and Brazil. The company and its subsidiary, Technip USA Inc., agreed at the time to plead guilty to violations of the Foreign Corrupt Practices Act.

The company also said in June that it was cooperating with an investigation by French prosecutors into the company’s work in Equatorial Guinea and Ghana.

- Advertisement -

The SEC settlement focuses on FMC’s previous work in Iraq. The company overlooked “numerous red flags” in making payments to a consultant without evidence of services rendered, the SEC said in the filing. It also didn’t put in place adequate internal accounting controls to spot illicit payments to foreign officials, according to the securities regulator.

Under the agreement, TechnipFMC will provide the SEC with periodic updates over a three-year review period on its efforts to improve due diligence on third-party vendors, as well as on its work to strengthen compliance with foreign bribery laws, according to the filing.


Get our daily notification on the latest financial crimes news around the World


- Affiliate Products -


This Week

Enable Notifications    OK No thanks