Recent changes in the law are designed to expose corruption in the international oil industry. These laws offer large financial rewards to international whistleblowers that properly expose corruption including bribes and illegal kickbacks. These whistleblowers are encouraged to contact an international whistleblower who can confidentially review a potential case that can be the basis for a large financial reward. For more information on confidentially reporting international bribes and other corruption, please go to the following webpages: International Oil Company Employee Whistleblower Lawsuits and International Bribery Scheme and Illegal Kickback Whistleblower Reward Lawyers.
SEC.gov | SEC Charges Weatherford International With FCPA Violations
Washington D.C., Nov. 26, 2013 —
The Securities and Exchange Commission today charged oilfield services company Weatherford International with violating the Foreign Corrupt Practices Act (FCPA) by authorizing bribes and improper travel and entertainment for foreign officials in the Middle East and Africa to win business, including kickbacks in Iraq to obtain United Nations Oil-for-Food contracts.
The SEC alleges that Weatherford and its subsidiaries falsified its books and records to conceal not only these illicit payments, but also commercial transactions with Cuba, Iran, Syria, and Sudan that violated U.S. sanctions and export control laws. Weatherford failed to establish an effective system of internal accounting controls to monitor risks of improper payments and prevent or detect misconduct. The company reaped more than $59.3 million in profits from business obtained through improper payments, and more than $30 million in profits from its improper sales to sanctioned countries.
Swiss-based Weatherford, which has substantial operations in Houston, has agreed to pay more than $250 million to settle the SEC’s charges and parallel actions by the Department of Justice’s Fraud Section, U.S. Attorney’s Office for the Southern District of Texas, Department of Commerce’s Bureau of Industry and Security, and Department of Treasury’s Office of Foreign Assets Control.
If you have evidence of an oil company giving bribes to government officials or former public officials for oil extraction contracts, it is important that you step forward and expose the illegal conduct. For more information on confidentially exposing oil bribes and potentially collecting large financial rewards, please go to the following webpages: International Oil Company Employee Whistleblower Lawsuits and International Bribery Scheme and Illegal Kickback Whistleblower Reward Lawyers.