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Tuesday
Jun142016

Frank's International investigates West Africa payments

Netherlands-based oil and gas services firm Frank's International NV said in an SEC filing Monday that it's conducting an internal investigation of certain foreign subsidiaries in West Africa for possible violations of the Foreign Corrupt Practices Act.

The company said it self disclosed the investigation to the SEC and DOJ this month and the investigation in ongoing.

Frank's provides and handles the pipes used to drill oil and gas wells.

It trades on the NYSE under the symbol FI. It has about 4,000 employees in 60 countries. Revenue last year was $975 million.

Frank's said it intends to "fully cooperate" with the DOJ and SEC. It said it can't yet predict "the ultimate resolution of these matters with these agencies."

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The full FCPA disclosure in the Form 8-K filed by Frank's International NV with the SEC on June 13, 2016 said:

The Company is conducting an internal investigation of the operations of certain of its foreign subsidiaries in West Africa including possible violations of the U.S. Foreign Corrupt Practices Act, the Company’s policies and other applicable laws. In June 2016, the Company voluntarily disclosed the existence of its extensive internal review to the U.S. Securities and Exchange Commission and the United States Department of Justice. It is the Company’s intent to fully cooperate with these agencies and any other applicable authorities in connection with any further investigation that may be conducted in this matter. While the Company’s review does not indicate that there has been any material impact on the Company’s previously filed financial statements, the Company continues to collect information and is unable to predict the ultimate resolution of these matters with these agencies. The Company’s board and management are committed to continuously enhancing the Company’s internal controls that support improved compliance and transparency throughout its global operations.

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Richard L. Cassin is the publisher and editor of the FCPA Blog. He'll be the keynote speaker at the FCPA Blog NYC Conference 2016.