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« China Corruption Blotter (February 22, 2013) | Main | Author discusses future of global anti-graft enforcement »
Thursday
Feb212013

Nabors wins declination

Oil services firm Nabors Industries Ltd. said Wednesday the DOJ won't bring an FCPA enforcement action after an investigation first launched more than five years ago.

Nabors was a customer of Panalpina but not among the seven companies that settled FCPA cases on the same day in November 2010.

Panalpina, a Swiss-based logistics firm, admitted paying bribes to help customers move their drill rigs and other equipment in and out of Kazakhstan, Saudi Arabia, Algeria and Nigeria, among others.

Nabors said in November last year the SEC had declined to bring an enforcement action.

The company heard about the declination from the DOJ last week.

The government doesn't announce FCPA declinations but some issuers disclose them to shareholders and the public.

                                                           *     *     *

Here's the FCPA disclosure from Nabors Industries Ltd.'s Form 8-K filed with the SEC on February 20:

We previously disclosed that on July 5, 2007, we received an inquiry from the U.S. Department of Justice relating to its investigation of one of our vendors and compliance with the Foreign Corrupt Practices Act. The inquiry related to transactions with and involving Panalpina, which provided freight forwarding and customs clearance services to some of our affiliates. In 2012, the SEC advised us that it had concluded its review of the matter and did not intend to recommend any enforcement action against us. On February 15, 2013, the Department of Justice likewise advised us that it has concluded its inquiry, also without recommending any enforcement action against us.

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