That’s becoming a trouble indeed - working in Nigeria (the African oil rich hub) has alwa
ys posed a dare for energy service companies (ESCOs). So what’s new in that? It’s the new bribery investigations by US authorities that are raising legal and financial risks, in turn this might just force them to depart the country. GlobalSantaFe Corp., Transocean Inc. & Pride International Inc. are the three bodies that have all said in regulatory filings that they received requests for information from the US Department of Justice (DOJ), which is probing whether the oil service companies dishonoured the US Foreign Corrupt Practices Act (FCPA) by bribing customs officials in Nigeria. The act forbids bribes paid by US companies or their agents, in order to win business abroad.
For Complete IIPM Article, Click on IIPM Article
ys posed a dare for energy service companies (ESCOs). So what’s new in that? It’s the new bribery investigations by US authorities that are raising legal and financial risks, in turn this might just force them to depart the country. GlobalSantaFe Corp., Transocean Inc. & Pride International Inc. are the three bodies that have all said in regulatory filings that they received requests for information from the US Department of Justice (DOJ), which is probing whether the oil service companies dishonoured the US Foreign Corrupt Practices Act (FCPA) by bribing customs officials in Nigeria. The act forbids bribes paid by US companies or their agents, in order to win business abroad.For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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