Oil companies fined for bribery - KWWL - Eastern Iowa Breaking News, Weather, Closings

Oil companies fined for bribery


WASHINGTON (AP) -- The US Justice Department says a Swiss freight company and five oil service companies agreed to pay more than $156 million in criminal fines.

The companies must also relinquish nearly $80 million in profits for their roles in foreign bribes.

In court documents filed Thursday in Houston, Panalpina World Transport (Holding) Ltd., of Switzerland, and its US subsidiary agreed to criminal fines of almost $70.6 million. 

It also will give up $11.3 million in profits to settle with the Securities and Exchange Commission. Panalpina admitted paying $27 million in bribes during 2002-2007 to officials of Angola, Azerbaijan, Brazil, Kazakhstan, Nigeria, Russia and Turkmenistan.

The service companies agreed to pay a total of $86 million in criminal fines.  An additional surrender $68 million in profits will be surrendered, with interest and civil penalties.

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