Iraq News

Oil services firm fined over Iraq, Brazil bribes

Oil services firm TechnipFMC will pay upwards of $300 million to resolve allegations the company bribed Iraqi and Brazilian officials to win business, AFP reported Tuesday (June 25th).

A former Technip consultant also pleaded guilty to a charge of conspiracy to violate the US Foreign Corrupt Practices Act, the Department of Justice said.

The outcome shows the US will pursue people and companies "who seek to win business through corrupt payments to foreign officials", said US Attorney Richard Donoghue, top federal prosecutor in the Eastern District of New York.

In the settlement, the London-headquartered company promised to apply "rigorous internal controls" and co-operate with a continuing investigation.

Of the total fine amount, Technip will pay $214 million to Brazilian authorities, which brought a parallel case against the company, the Justice Department said.

TechnipFMC also used a Monaco-based intermediary company to pass bribes to at least seven officials in Iraq's Ministry of Oil and two companies between 2008 and 2013, the department said.

A total of 43 countries have enacted laws criminalizing the payment of bribes to foreign officials to win business but the US has long been the most active in punishing international corruption.

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