Safran Fined For Nigeria Bribes
Monday, September 10, 2012 at 1:28AM
Richard L. Cassin in Country Enforcement, France, Investigations, Nigeria, Safran

French defense and security firm Safran was fined €500,000 last week by a court in Paris for bribing government officials in Nigeria.

Reuters reported that an investigating magistrate 'found that the bribes had helped Safran win a €170 million contract to make more than 70 million identity cards.'

The offenses occurred from 2000 to 2003, the report said.

Earlier, a French court acquitted two of the company's executives in the case.

The French government owns nearly a third of Safran.

The company had €11.7 billion in revenue last year. It employs 60,000 people worldwide.

Safran's ADRs trade on the American OTC under the symbol SAFRY.

The company hasn't disclosed any investigation involving the U.S. DOJ or SEC. Those agencies don't comment on FCPA investigations.

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