Weatherford: $250m settlement
Issue 265 - 11 Nov 2013
Oil services company Weatherford International said on 4 November that it hoped to finalise a settlement for some $250m with the US government for violations of the US Foreign Corrupt Practices Act and the Iraq oil-for-food programme, and trading with sanctioned countries. The sanction settlement alone is expected to cost $100m, and Weatherford is awaiting approval from the US Securities and Exchange Commission. Weatherford first disclosed an overseas bribery investigation in 2007. The investigation later expanded to include potential violations of the Iraq oil-for-food programme and possible illegal trade with Cuba, Iran, Sudan and Syria.
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