SBM: Internal investigation findings


Issue 275 - 15 Apr 2014 | 1 minute read

Netherlands-based oil services company SBM Offshore on 2 April released the findings of an internal investigation of the company’s use of agents. The investigation, carried out by independent external counsel and forensic accountants (Paul Hastings LLP, De Brauw Blackstone Westbroek, PricewaterhouseCoopers LLP) starting in Q1 2012, found that SBM paid some $200m in commission to agents during the period 2007 to 2011: $18.8m to Equatorial Guinea, $22.7m to Angola and $139.1m to Brazil. “In respect of Angola and Equatorial Guinea there is some evidence that payments may have been made directly or indirectly to government officials,” the company said.

Tagged with:

Pin Strategy & risk

Want to read more?

Subscribe to African Energy

View subscription options

Don't have an account?

Register for access to our free content

An account also allows you to view selected free articles, set up news alerts, search our African Energy Live Data power projects database and view project locations on our interactive map

Register