Panalpina's Problems Keep Spreading

Schlumberger N.V., the world's biggest oil and gas services company, is among the dozen or more firms in that industry being investigated in connection with Panalpina's freight-forwarding and customs clearance practices. Schlumberger made the disclosure in its October 24, 2007 quarterly filing with the U.S. Securities and Exchange Commission. It said in full:

"In July 2007, Schlumberger received an inquiry from the United States Department of Justice ('DOJ') related to the DOJ’s investigation of whether certain freight forwarding and customs clearance services of Panalpina, Inc., and other companies provided to oil and oilfield service companies, including Schlumberger, violated the Foreign Corrupt Practices Act. Schlumberger is cooperating with the DOJ and is conducting its own investigation with respect to these services."

Schlumberger trades on the New York Stock Exchange under the symbol SLB.

View Schlumberger's Form 10-Q for the period ending September 30, 2007 Here.

View other posts about the Panalpina-related investigations Here.