So I became a shareholder in World Fuel Services…
Monday, March 12, 2018 at 8:28AM
Harry Cassin in World Fuel Services

When the team at FCPA Tracker couldn't put an investigation disclosure into any category, because the disclosure left out some crucial information, I asked the company some questions.

As I said in my prior post, World Fuel Service's disclosure included the following information: There’s an investigation, it involves an airport in Central America, it's about the aviation fuel supply business, and the DOJ is looking into it.

But the disclosure didn't say if the investigation is related to the FCPA. Nor did it say whether the outcome of the investigation might harm the company or its business.

I reached out to the company on March 1 with a general inquiry, asking for clarification about their disclosure, and specifically if it’s related to the FCPA.

WFS sent back an automated reply, saying a company representative would be in contact with me shortly.

No one contacted me. So after a week, I took the next step. I bought shares in the company.

After buying the shares, I reached out to the company's investor relations team, through a formal shareholder request for information filed though WFS's website.

I asked again if the investigation is related to the FCPA, and whether the outcome might harm the company or its business. I received back another automated acknowledgment, but nothing further.

It has now been a week since my shareholder request, and two weeks since my first general enquiry.

That February 28 disclosure from WFS’s 10-K said in part:

On July 20, 2016, we were informed that the U.S. Department of Justice (the “DOJ”) is conducting an investigation into the aviation fuel supply industry, including certain activities by us and other industry participants at an airport in Central America. In connection therewith, we were served with formal requests by the DOJ about its activities at that airport and its aviation fuel supply business more broadly. We are cooperating with the investigation.

Is the DOJ’s investigation into World Fuel Services related to the FCPA or not? That's still the question.


Harry Cassin is the CEO of Recathlon LLC, the parent company of the FCPA Blog and FCPA Tracker.

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